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IV. PROBLEM 11-2 At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows. Depreciation methods and useful lives: Buildings-Straight line; 25 years. Equipment-200\% declining balance; 10 years. Automobiles and trucks-200\% declining balance; 5 years, all acquired after 2018 . Leasehold improvements-Straight line. Land improvements-Straight line. Partial-year depreciation is calculated using (1) the half-year accounting convention for equipment, vehicles, leasehold improvements, land improvements, and (2) the mid-month accounting convention for buildings. In addition, residual values are immaterial. Transactions during 2021 and other information: . On January 1, 2021, a plant facility consisting of land and building was acquired from King Corp. in exchange for 25,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $100a share. Current assessed values of land and building for property tax purposes are $400,000 and $1,600,000, respectively. b. On March 25, 2021, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $240,000. These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31, 2019, and had an estimated useful life of twenty years. The related lease, which would terminate on December 31,2034 , was renewable for an additional ten-year term. On April 30, 2021, Cord exercised the renewal option. d. On July 1,2021 , equipment was purchased at a total invoice cost of $250,000. Additional costs of $5,000 for delivery and $45,000 for installation were incurred. c. On September 30,2021 , Cord purchased a new automobile for $50,000. f. On September 30,2021 , a truck with a cost of $30,000 and a book value of $11,520 on date of sale was sold for $9,000. Depreciation for the halfyear was $2,880. g. On December 20,2021 , equipment with a cost of $25,000 and a book value of $16,200 at date of disposition was scrapped without cash recovery. assume deprechotion of $1000 ifor no ni Required: 1. For a. - g., above, identify how each changes the plant asset balances as of 12/31/2020 for the purpose of preparing the schedule in #2, below. Also, for a. - g., above, prepare all necessary journal entries, including adjusting journal entries. 2. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. This schedule should include columns for beginning balance, increase, decrease, and ending balance for each of the plant asset accounts. Do not analyze changes in accumulated depreciation and amortization. 3. For each asset category, prepare a schedule showing total depreciation or amortization expense for the year ended December 31, 2021. Round computations to the nearest whole dollar