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At December 31, 2020. Cord Company's plant asset and accumulated depreclation and amortization accounts had balances as follows: Depreclation methods and useful lives: Bulldings-150% declining
At December 31, 2020. Cord Company's plant asset and accumulated depreclation and amortization accounts had balances as follows: Depreclation methods and useful lives: Bulldings-150\% declining balance; 25 years. Equlpment-Straight line; 10 years. Automobiles and trucks-200\% declining balance; 5 years, all acquired after 2017. Leasehold Improvements-Straight line. Land improvements-Straight line. Depreciation is computed to the nearest month and residual values are Immaterlal. Transactions during 2021 and other information: a. On January 6, 2021, a plant facility consisting of land and bullding was acqulred from King Corp. In exchange for 29,000 shares of Cord's common stock. On this date. Cord's stock had a falr value of $60 a share. Current assessed values of land and bullding for property tax purposes are $237,000 and $553,000, respectively. b. On March 25, 2021, new parking lots, streets, and sidewalks at the acqulred plant facillty were completed at a total cost of $216,000. 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 elght years. The related lease, which would terminate on December 31, 2023, was renewable for an addltional four-year term. On April 30, 2021, Cord exercised the renewal option. d. On July 1, 2021, equipment was purchased at a total Irvolce cost of $329,000. Additional costs of $11,000 for delivery and $54,000 for Installation were incurred. e. On September 30, 2021, Cord purchased a new automobile for $12,900. f. On September 30, 2021, a truck with a cost of $24,400 and a book value of $9,800 on date of sale was sold for $11,900. Depreclation for the nine months ended September 30, 2021, was $2,205. g. On December 20, 2021, equlpment with a cost of $19,000 and a book value of $3,075 at date of dlsposition 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 depreclation and amortization. 2. For each asset category, prepare a schedule showing depreclation or amortization expense for the year ended December 31 , 2021 . lequired: Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021 . Do not analyze changes in accun lepreclation and amortization. For each asset category, prepare a schedule showng depreclatlon or amortization expense for the year ended December 3 Complete this question by entering your answers in the tabs below. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes in accumulated depreciation and amortization. Complete this question by entering your answers in the tabs below. For each asset category, prepare a schedule showing depreciation or amortization expense for the 2021. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)
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