Flounder Corporation, a manufacturer of steel products, began operations on October 1, 2016. The accounting department of Flounder 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 companys records and personnel.

Problem 11-10 Your answer is partially correct. Try again Flounder Corporation, a manufacturer of steel products, began operations on October 1, 2016. The accounting department of Flounder 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. Founder paid $723,900 for the land and building together. At the time of acquisition, the land had an appraised value of $98,300, and the building had an appraised value of $884,700 3. Land B was acquired on October 2, 2016, in exchange for 2,500 newly issued shares of Flounder's common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $28 per share. During October 2016, Flounder paid $16,500 to demolish an existing building on this land so it could construct a new 4. Construction of Building B on the newly acquired land began on October 1, 2017, By September 30, 2018, Flounder had paid $339,400 of the estimated total 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 42,800 and 6. Machinery A's total cost of $195,000 includes installation expense of $570 and normal repairs and maintenance of $15,300. Salvage value is estimated at $5,900 7. On October 1, 2017, Machinery B was acquired with a down payment of $6,210 and the remaining payments to be made in 11 annual installments of $6,470 each building construction costs of $409,000. It is estimated that the building will be completed and occupied by July 2019 the salvage value at $2,800 Machinery A was sold on February 1, 2018 beginning October 1, 2017, The prevailing interest rate was 8%. The following data were abstracted from present value tables (rounded) Present value of an ordinary annuity of $1.00 at 8% Present value of $1.00 at 890 10 years 0.463 11 years 0.429 15 years 0.315 10 years 11 years 15 years 6.710 7.139 8.559 Complete the schedule below. (Round answers to 0 decmal places, e.g. 45,892.) 15 years .315 15 years Complete the schedule below. (Round answers to 0 decimal places, e.g. 45,892.) FLOUNDER CORPORATION Fixed-Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2017, and September 30, 2018 Depreciation Expense Year Ended September 30 Estimated Life in Years Assets Acquisition Date Cost Salvage Depreciation Method 2017 2018 Land A October 1, 2016 (1) N/A N/A N/A N/A N/A Building A October 1, 2016 (2) $42,400 Straight-line $11,280 October 2, 2016 (5) N/A N/A Straight-line 150% declining-balance Land B N/A N/A N/A $339,400 to date BuildingB Under Construction 30 Donated Equipment October 2, 2016 (7) 2,800 10 Machinery A October 2, 2016 (10) 5,900 Sum-of-the-years'-digits (12) Machinery B October 1, 2017 (13) Straight-line 20 (14) Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT