Check my work At December 31, 2017, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation and Amortization points Category Land Buildings Machinery and equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 179,000 1,700,000 1,325,000 176,000 224,000 332,900 321,500 104,325 112,000 eBook Print 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 29,000 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 $237,000 and $553,000, respectively. b. On March 25, 2018, new parking lots, streets, and sidewalks at the acquired plant facility 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, 2014, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2020, was renewable for an additional four-year term. On April 30, 2018, Cord exercised the renewal option. d. On July 1, 2018, machinery and equipment were purchased at a total invoice cost of $329,000. Additional costs of $11,000 for delivery and $54,000 for installation were incurred. e. On August 30, 2018, Cord purchased a new automobile for $12,900. f. On September 30, 2018, a truck with a cost of $24,400 and a book value of $9,800 on date of sale was sold for $11.900. Depreciation for the nine months ended September 30, 2018, was $2,205. g. On December 20, 2018, a machine with a cost of $19,000 and a book value of $3,075 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 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. Required 1 Required 2 Prepare a schedule analyzing the changes in each of the plant asset accounts during 2018. accumulated depreciation and amortization. Balance 12/31/18 CORD COMPANY Analysis of Changes in Plant Assets For the Year Ending December 31, 2018 Balance 12/31/17 Increase Decrease Land $ 179,000 Land improvements Buildings 1,700,000 Machinery and equipment 1,325,000 Automobiles and trucks 176,000 Leasehold improvements 224,000 $ 3,604,000 Panor Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each asset category, prepare a schedule showing depreciation or amortization 2018. (Do not round intermediate calculations. Round your final answers to neare CORD COMPANY Depreciation and Amortization Expense For the Year Ending December 31, 2018 Land Improvements Buildings Machinery and equipment Automobiles and trucks Leasehold improvements Total depreciation and amortization expense for 2018