Concord Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Concord has started the fixed-asset and depreciation schedule presented below. 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 1. Depreciation is computed from the first of the month of acquisition to the first of the month of disposition. 2. Land A and Building A were acquired from a predecessor corporation, Concord paid $790,000 for the land and building together. At the time of acquisition, the land had an appraised value of 590.500, and the building had an appraised value of $814,500. 3. Land B was acquired on October 2, 2019, in exchange for 2.300 newly issued shares of Concord's common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $31 per share. During October 2019, Concord paid $17.600 to demolish an existing bulding on this land so it could construct a new building. 4. Construction of Building B on the newly acquired land began on October 1, 2020. september 30, 2021. Concord had paid $135.100 of the estimated total construction costs of $447,600. It is estimated that the building will be completed and occupied by July 2022. 5. Certain equipment was donated to the corporation by a local university. An independent appraisal of the equipment when donated placed the fair value at $42,000 and the salvage value at $2,800. 6. Machinery A's total cost of $169,600 Includes Installation expense of $620 and normal repairs and maintenance of $14,300. Salvage value is estimated at $6,800. Machinery A was sold on February 1, 2021. 7. On October 1, 2020, Machinery B was acquired with a down payment of $6,500 and the remaining payments to be made in 11 annual installments of $6,760 each beginning October 1, 2020. The prevailing interest rate was 8%. The following data were abstracted from present value tables (rounded). Present value of $1.00 at 8% Present value of an ordinary annuity of $1.00 at B 10 years 6.710 11 years 7.139 15 years 8.559 10 years 11 years 15 years 0.463 0.429 0.315 Present value of annuity due of $1.00 at 8 10 years 7,469 11 years 7.71 15 years 9.244 Complete the schedule below. (Round factor value to 3 decimal places, e.g. 0.231 and final answers to decimal places, e.g. 45,892.) CONCORD CORPORATION Fixed-Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2020, and September 30, 2021 Depreciation Expense Year Ended September 30 Estimated Life in Years 2020 2021 $13,492 N/A Assets Acquisition Date Land A October 1, 2019 Building A October 1, 2019 Land B October 2, 2019 Building B Under Construction Donated Equipment October 2, 2019 Machinery A October 2, 2019 Machinery B October 1, 2020 (1) (2) (5) $335,100 to date (7) (10) (13) Salvage Depreciation Method N/A N/A $36,400 Straight-line N/A N/A Straight-line 2,800 150% declining balance 6,800 Sum-of-the-years-digits Straight-line (11)
