At December 31, 2017, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows Accumulated Depreciation and Amortization Plant Asset Category Land Buildings Machinery and equipment Automobiles and trucks Leasehold improvements Land improvements $ 165,000 1,000,000 625,000 162,000 196,000 318,900 307,500 90,325 98,000 Depreciation methods and useful lives Buildings-150% declining balance; 25 years Machinery and equipment-Straight line; 10 years Automobiles and trucks-150% declining balance; 5 years, all acquired after 2014 Leasehold improvements-Straight line Land improvements-Straight line Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2018 and other information a. On January 6, 2018, a plant facility consisting of land and building was acquired from King Corp. in exchange for 15,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $40 a share. Current assessed values of land and building for property tax purposes are $130,000 and $520,000, respectively These expenditures had an estimated useful life of 12 years lease, which would terminate on December 31, 2020, was renewable for an additional four-year term. On April 30, 2018, Cord b. On March 25, 2018, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $132,000 c. The leasehold improvements were completed on December 31, 2014, and had an estimated useful life of eight years. The related exercised the renewal option delivery and $40,000 for installation were incurred Depreciation for the nine months ended September 30, 2018, was $1,620 cash recovery d. On July 1, 2018, machinery and equipment were purchased at a total invoice cost of $315,000. Additional costs of $12,000 for e. On August 30, 2018, Cord purchased a new automobile for $11,500 f. On September 30, 2018, a truck with a cost of $23,000 and a book value of $7,200 on date of sale was sold for $10,500 g. On December 20, 2018, a machine with a cost of $12,000 and a book value of $2,725 at date of disposition was scrapped without Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2018. Do not analyze changes in accumulated depreciation and amortization 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2018 At December 31, 2017, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows Accumulated Depreciation and Amortization Plant Asset Category Land Buildings Machinery and equipment Automobiles and trucks Leasehold improvements Land improvements $ 165,000 1,000,000 625,000 162,000 196,000 318,900 307,500 90,325 98,000 Depreciation methods and useful lives Buildings-150% declining balance; 25 years Machinery and equipment-Straight line; 10 years Automobiles and trucks-150% declining balance; 5 years, all acquired after 2014 Leasehold improvements-Straight line Land improvements-Straight line Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2018 and other information a. On January 6, 2018, a plant facility consisting of land and building was acquired from King Corp. in exchange for 15,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $40 a share. Current assessed values of land and building for property tax purposes are $130,000 and $520,000, respectively These expenditures had an estimated useful life of 12 years lease, which would terminate on December 31, 2020, was renewable for an additional four-year term. On April 30, 2018, Cord b. On March 25, 2018, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $132,000 c. The leasehold improvements were completed on December 31, 2014, and had an estimated useful life of eight years. The related exercised the renewal option delivery and $40,000 for installation were incurred Depreciation for the nine months ended September 30, 2018, was $1,620 cash recovery d. On July 1, 2018, machinery and equipment were purchased at a total invoice cost of $315,000. Additional costs of $12,000 for e. On August 30, 2018, Cord purchased a new automobile for $11,500 f. On September 30, 2018, a truck with a cost of $23,000 and a book value of $7,200 on date of sale was sold for $10,500 g. On December 20, 2018, a machine with a cost of $12,000 and a book value of $2,725 at date of disposition was scrapped without Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2018. Do not analyze changes in accumulated depreciation and amortization 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2018