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The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Thompson 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 (EV of $1. PVS1, EVA $1 PVA I SI EVAD 01 $1 and PVAD of Su) (Use appropriate foctor(s) from the tables provided.): a. Depreciation is computed from the first of the month of acquisition to the first of the month of disposition b. Land A and Building A were acquired from a predecessor corporation Thompson paid $812,500 for the land and building together At the time of acquisition, the land had a fair value of $72.000 and the building had a fair value of $828,000. c.Land B was acquired on October 2. 2019. in exchange for 3.000 newly issued shares of Thompson's common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $25 per share. During October 2019. Thompson paid $10,400 to demolish an existing building on this land so it could construct a new building. d. Construction of Building B on the newly acquired land began on October 1, 2020. By September 30, 2021. Thompson had pald $210,000 of the estimated total construction costs of $300.000. Estimated completion and occupancy are July 2022 e. Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $16,000 and the residual value at $2,000 f. Equipment A's total cost of $110,000 includes installation charges of $550 and normal repairs and maintenance of $11,000. Residual value is estimated at $5,500. Equipment A was sold on February 1, 2021. g. On October 1, 2020, Equipment B was acquired with a down payment of $1,000 and the remaining payments to be made in 10 annual installments of $4,000 each beginning October 1, 2021. The prevailing interest rate was 8% THOMPSON CORPORATION Fixed Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2020, and September 30, 2021 Acquisition Date Assets Depreciation for Year Ended 9/30 Cost Depreciation Method Residual Estimated Life in Years 2020 2021 10/1/2019 N/A NA 10/1/2019 NA $47.500 NA $ 14,000 NIA 10/2/2019 NA Land A Building A Land B Building B Donated Equipment Equipment A Equipment B 210,000 to date 30 not applicable Straight line not applicable Straight-line 200% Declining balance Sum-of-the years'-digits Straight-line Under construction 10/2/2019 10/2/2019 10/1/2020 10 2.000 5,500 10 15 At the beginning of 2019, Metatec Inc. acquired Ellison Technology Corporation for $600 million. In addition to cash, receivables, and Inventory the following assets and their fair values were also acquired: Plant and equipment (depreciable assets) Patent Goodwill $ 150 million de million 100 million The plant and equipment are depreciated over a 10-year useful life on a straight-line basis. There is no estimated residual value. The patent is estimated to have a 5-year useful life, no residual value, and is amortized using the straight-line method. At the end of 2021, a change in business climate indicated to management that the assets of Ellison might be impaired. The following amounts have been determined: $ 80 million 60 million Plant and equipment: Undiscounted sun of future cash flows Fair value Patent: Undiscounted sun of future cash flows Fair value Goodwill: Fair value of Ellison Technology Corporation Book value of Ellison's net assets (excluding goodwill) Book value of Ellison's net assets (including goochdill) $ 20 million 13 million $ 450 million 370 million 470 million After first recording any impairment losses on plant and equipment and the patent Complete this question by entering your answers in the tabs below. Required 1 Required 4 Determine the amount of any impairment loss to be recorded, if any, for the three assets. (Enter your answers in millions.) Plant and equipment Impairment Loss $ 105 million S million (390) $ 60 million Patent Goodwill The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Thompson 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 (EV of $1. PVS1, EVA $1 PVA I SI EVAD 01 $1 and PVAD of Su) (Use appropriate foctor(s) from the tables provided.): a. Depreciation is computed from the first of the month of acquisition to the first of the month of disposition b. Land A and Building A were acquired from a predecessor corporation Thompson paid $812,500 for the land and building together At the time of acquisition, the land had a fair value of $72.000 and the building had a fair value of $828,000. c.Land B was acquired on October 2. 2019. in exchange for 3.000 newly issued shares of Thompson's common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $25 per share. During October 2019. Thompson paid $10,400 to demolish an existing building on this land so it could construct a new building. d. Construction of Building B on the newly acquired land began on October 1, 2020. By September 30, 2021. Thompson had pald $210,000 of the estimated total construction costs of $300.000. Estimated completion and occupancy are July 2022 e. Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $16,000 and the residual value at $2,000 f. Equipment A's total cost of $110,000 includes installation charges of $550 and normal repairs and maintenance of $11,000. Residual value is estimated at $5,500. Equipment A was sold on February 1, 2021. g. On October 1, 2020, Equipment B was acquired with a down payment of $1,000 and the remaining payments to be made in 10 annual installments of $4,000 each beginning October 1, 2021. The prevailing interest rate was 8% THOMPSON CORPORATION Fixed Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2020, and September 30, 2021 Acquisition Date Assets Depreciation for Year Ended 9/30 Cost Depreciation Method Residual Estimated Life in Years 2020 2021 10/1/2019 N/A NA 10/1/2019 NA $47.500 NA $ 14,000 NIA 10/2/2019 NA Land A Building A Land B Building B Donated Equipment Equipment A Equipment B 210,000 to date 30 not applicable Straight line not applicable Straight-line 200% Declining balance Sum-of-the years'-digits Straight-line Under construction 10/2/2019 10/2/2019 10/1/2020 10 2.000 5,500 10 15 At the beginning of 2019, Metatec Inc. acquired Ellison Technology Corporation for $600 million. In addition to cash, receivables, and Inventory the following assets and their fair values were also acquired: Plant and equipment (depreciable assets) Patent Goodwill $ 150 million de million 100 million The plant and equipment are depreciated over a 10-year useful life on a straight-line basis. There is no estimated residual value. The patent is estimated to have a 5-year useful life, no residual value, and is amortized using the straight-line method. At the end of 2021, a change in business climate indicated to management that the assets of Ellison might be impaired. The following amounts have been determined: $ 80 million 60 million Plant and equipment: Undiscounted sun of future cash flows Fair value Patent: Undiscounted sun of future cash flows Fair value Goodwill: Fair value of Ellison Technology Corporation Book value of Ellison's net assets (excluding goodwill) Book value of Ellison's net assets (including goochdill) $ 20 million 13 million $ 450 million 370 million 470 million After first recording any impairment losses on plant and equipment and the patent Complete this question by entering your answers in the tabs below. Required 1 Required 4 Determine the amount of any impairment loss to be recorded, if any, for the three assets. (Enter your answers in millions.) Plant and equipment Impairment Loss $ 105 million S million (390) $ 60 million Patent Goodwill