Flounder Corporation, a private enterprise, made the following purchases related to its property, plant, and equipment during its fiscal year ended December 31, 2017, The company uses the straight-line method of depreciation for all its capital assets 1 n early January Aounder issued 139,540 cornrnon shares m exchange or property oonsisting of lar d and warehouse. On the date d acquisition, a reliable, independent appra ser estimated respectively. The scller had adertised a price af $950,550 or hest offer for the land and warchause in a commercial rctail magazine. Haunder paid a lacal real cstate broloer a finder's foe of $34,80. The mast recent sale of Hlounder's shares tock placc a month pria when 14,70 common shares wera sold for $8 per shara. a he far value of the lar d and w rehouse was $599 720 and S20 000 2. On March 31, the company acquired equipment on credit. The terms were a $6,580 cash down payment plus payments of $4,920 on March 31 for each of the next 2 years. The implicit interest rate was 1196. The equipment's list price was $16,670, Additional costs that were incurred to install the equipment included $760 to tear down and replace a wall and $1,040 to rearrange existing equipment to make room for the new equipment. An additional $760 was spent to repair the equipment atter it was dropped during installation. During the year, tha following events also ocourred: 3. 4. The company purchased a small building in a nearby town for $124,940 to use as a display and sales locatian. The municipal tax assessment indicated that the property was assessed for $94,530, which consists of $67,890 for the building and $26,640 for the land. The A rew motor was purchased or $49,650 ur a large grinding machine unc na cos of he rmachine,349,560 ccumulated depreciatr a thu teplacemen date, $99,570 The motor will mot improve he quality ur quantity of productiun however, it will ex end the grinding machine's uscful life from the current 9 years to 12 years (ignore the IFRS requirement to estimate and remove the cast of the old motor). bullding had been empty for slx months and required considerable maintenance work before it could be used. The following costs were incurred In 2017 prior to the company moving Into the bullding on September 30: former owner's urpald property taxes on the propery or the previous year, $300; current years 2017 taxes, $750; eshingling 0 oo $1,800; cost of hauling e use out o te basement, $230; cost of spray cleaning the outside alls and washing indows $390; cost of painting inside alls, s2.770; and incremental fire and iability insurance tor 16 months starting September 30, 40(Use Frepaid Expenses account for current year tax). The company repaired the plumbing system in its factory for $34,950. The ariginal plumbing costs were not knawn 6. On June 30, the company e laced a freezer with a new one that cost $19,650 cash 60% of the old freezer, that is, 9% per year of use. The company painted the factory exterior at a cost of $11,610. fair value of $20.350 for the ne freeze less trade-in value of the old freezer The cost of the d freezer was $14,790. At the beginning of the year, the company had depreciate 7. Flounder Corporation, a private enterprise, made the following purchases related to its property, plant, and equipment during its fiscal year ended December 31, 2017, The company uses the straight-line method of depreciation for all its capital assets 1 n early January Aounder issued 139,540 cornrnon shares m exchange or property oonsisting of lar d and warehouse. On the date d acquisition, a reliable, independent appra ser estimated respectively. The scller had adertised a price af $950,550 or hest offer for the land and warchause in a commercial rctail magazine. Haunder paid a lacal real cstate broloer a finder's foe of $34,80. The mast recent sale of Hlounder's shares tock placc a month pria when 14,70 common shares wera sold for $8 per shara. a he far value of the lar d and w rehouse was $599 720 and S20 000 2. On March 31, the company acquired equipment on credit. The terms were a $6,580 cash down payment plus payments of $4,920 on March 31 for each of the next 2 years. The implicit interest rate was 1196. The equipment's list price was $16,670, Additional costs that were incurred to install the equipment included $760 to tear down and replace a wall and $1,040 to rearrange existing equipment to make room for the new equipment. An additional $760 was spent to repair the equipment atter it was dropped during installation. During the year, tha following events also ocourred: 3. 4. The company purchased a small building in a nearby town for $124,940 to use as a display and sales locatian. The municipal tax assessment indicated that the property was assessed for $94,530, which consists of $67,890 for the building and $26,640 for the land. The A rew motor was purchased or $49,650 ur a large grinding machine unc na cos of he rmachine,349,560 ccumulated depreciatr a thu teplacemen date, $99,570 The motor will mot improve he quality ur quantity of productiun however, it will ex end the grinding machine's uscful life from the current 9 years to 12 years (ignore the IFRS requirement to estimate and remove the cast of the old motor). bullding had been empty for slx months and required considerable maintenance work before it could be used. The following costs were incurred In 2017 prior to the company moving Into the bullding on September 30: former owner's urpald property taxes on the propery or the previous year, $300; current years 2017 taxes, $750; eshingling 0 oo $1,800; cost of hauling e use out o te basement, $230; cost of spray cleaning the outside alls and washing indows $390; cost of painting inside alls, s2.770; and incremental fire and iability insurance tor 16 months starting September 30, 40(Use Frepaid Expenses account for current year tax). The company repaired the plumbing system in its factory for $34,950. The ariginal plumbing costs were not knawn 6. On June 30, the company e laced a freezer with a new one that cost $19,650 cash 60% of the old freezer, that is, 9% per year of use. The company painted the factory exterior at a cost of $11,610. fair value of $20.350 for the ne freeze less trade-in value of the old freezer The cost of the d freezer was $14,790. At the beginning of the year, the company had depreciate 7