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Blossom Corporation, a manufacturer of steel products, began operations on October 1 , 2 0 2 4 . The accounting department of Blossom has started
Blossom Corporation, a manufacturer of steel products, began operations on October The accounting department of Blossom
has started the fixedasset and depreciation schedule presented as follows. You have been asked to assist in completing this schedule.
In addition to ascertaining that the data already on the schedule are correct, you have obtained the following information from the
company's records and personnel.
Depreciation is computed from the first of the month of acquisition to the first of the month of disposition.
Land A and Building A were acquired from a predecessor corporation. Blossom paid $ for the land and building
together. At the time of acquisition, the land had an appraised value of $ and the building had an appraised value of
$
Land was acquired on October in exchange for newly issued shares of Blossom's common stock. At the date
of acquisition, the stock had a par value of $ per share and a fair value of $ per share During October Blossom paid
$ to demolish an existing building on this land so it could construct a new building.
Construction of Building B on the newly acquired land began on October By September Blossom had paid
$ of the estimated total construction costs of $ It is estimated that the building will be completed and
occupied by July
Certain equipment was donated to the corporation by a local university. An independent appraisal of the equipment when
donated placed the fair value at $ and the salvage value at $
Machinery As total cost of $ includes installation expense of $ and normal repairs and maintenance of $
Salvage value is estimated at $ Machinery A was sold on February
On October Machinery B was acquired with a down payment of $ and the remaining payments to be made in
annual installments of $ each beginning October The prevailing interest rate was The following data were
abstracted from present value tables rounded
Complete the schedule below. Round factor value to decimal places, eg and final answers to decimal places, eg
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