At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation Category Plant Asset and Amortization Land S 168,000 s Land improvements Buildings 1,050,000 319,900 Equipment 675,000 308,500 Automobiles and trucks 163,000 91,325 Leasehold improvements 198,000 99,000 Depreciation methods and useful lives: Buildings150% declining balance; 25 years. Equipment-Straight line 10 years. Automobiles and trucks200% declining balance; 5 years, all acquired after 2017 Leasehold improvementsStraight line Land improvementsStraight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2021 and other information: a. On January 6, 2021, a plant facility consisting of land and building was acquired from King Corp. in exchange for 16,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $60 a share. Current assessed values of land and building for property tax purposes are $198.000 and $462,000, respectively. b. On March 25, 2021, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $138,000. These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31, 2017, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2023, was renewable for an additional four-year term. On April 30, 2021, Cord exercised the renewal option. d. On July 1, 2021, equipment was purchased at a total invoice cost of S316,000. Additional costs of $11,000 for delivery and S41,000 for installation were incurred. e. On September 30, 2021, Cord purchased a new automobile for $11,600 f. On September 30, 2021, a truck with a cost of $23,100 and a book value of $7,400 on date of sale was sold for $10,600. Depreciation for the nine months ended September 30, 2021, was $1.665. g. On December 20, 2021, equipment with a cost of $12,500 and a book value of $2,750 at date of disposition was scrapped without cash recovery. Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. 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, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes in accumulated depreciation and amortization. CORD COMPANY Analysis of Changes in Plant Assets For the Year Ending December 31, 2021 Balance 12/31/2020 Increase Decrease S 168.000 Balance 12/31/2021 Land 0 Land improvements Buildings Equipment Automobiles and trucks Leasehold improvements 1.050.000 675,000 163.000 198,000 $ 2.252.000 Re Required 2 > At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation Category Plant Asset and Amortization Land S 168,000 s Land improvements Buildings 1,050,000 319,900 Equipment 675,000 308,500 Automobiles and trucks 163,000 91,325 Leasehold improvements 198,000 99,000 Depreciation methods and useful lives: Buildings150% declining balance; 25 years. Equipment-Straight line 10 years. Automobiles and trucks200% declining balance; 5 years, all acquired after 2017 Leasehold improvementsStraight line Land improvementsStraight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2021 and other information: a. On January 6, 2021, a plant facility consisting of land and building was acquired from King Corp. in exchange for 16,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $60 a share. Current assessed values of land and building for property tax purposes are $198.000 and $462,000, respectively. b. On March 25, 2021, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $138,000. These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31, 2017, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2023, was renewable for an additional four-year term. On April 30, 2021, Cord exercised the renewal option. d. On July 1, 2021, equipment was purchased at a total invoice cost of S316,000. Additional costs of $11,000 for delivery and S41,000 for installation were incurred. e. On September 30, 2021, Cord purchased a new automobile for $11,600 f. On September 30, 2021, a truck with a cost of $23,100 and a book value of $7,400 on date of sale was sold for $10,600. Depreciation for the nine months ended September 30, 2021, was $1.665. g. On December 20, 2021, equipment with a cost of $12,500 and a book value of $2,750 at date of disposition was scrapped without cash recovery. Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. 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, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes in accumulated depreciation and amortization. CORD COMPANY Analysis of Changes in Plant Assets For the Year Ending December 31, 2021 Balance 12/31/2020 Increase Decrease S 168.000 Balance 12/31/2021 Land 0 Land improvements Buildings Equipment Automobiles and trucks Leasehold improvements 1.050.000 675,000 163.000 198,000 $ 2.252.000 Re Required 2 >