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Required 1 Required 2 For each asset category, prepare a schedule showing depreciation or amortization expen 2024. Note: Do not round intermediate calculations. CORD COMPANY Depreciation and Amortization Expense For the Year Ending December 31, 2024 Land Improvements Buildings Equipment Automobiles and trucks Leasehold improvements Total depreciation and amortization expense for 2024 Category Land Land improvements Buildings Equipment Automobiles and trucks Leasehold improvements Plant Asset S 175,e 1,5, 172, 216, Accumulated Depreciation and Amortization 328, 317,500 100, 325 108, < Required 1 Required 1 Required 2 Prepare a schedule analyzing the changes in each of the plant asset accounts during 2024. Do not a accumulated depreciation and amortization. CORD COMPANY Analysis of Changes in Plant Assets For the Year Ending December 31, 2024 Depreciation methods and useful lives: BuildingsISO% declining balance; 25 years. EquipmentStraight line; 10 years. Automobiles and trucks200% declining balance; S years, all acquired after 2020. Leasehold improvementsStraight line. Land improvementsStraight line. Depreciation is computed to the nearest month and residual values ore immaterial. Transections during 2024 and other information: a. On January 6, 2024, a plant facility consisting of land and building was acquired from King Corporation in exchange for 25,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of S50 a share. Current assessed values of land and building for property tax purposes are $187,500 end $562,500, respectively. b. On March 25, 2024, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $192,000- These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31, 2020, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2026, was renewable for an additional four-year term. On April 30, 2024, Cord exercised the renewal option- d. On July I, 2024, equipment was purchased at a total invoice cost of $325,000. Additional costs of SIO,OOO for delivery and S50,OOO for installation were incurred. e. On September 30, 2024, Cord purchased a new automobile for $12,500. On September 30, 2024, a truck with a cost of $24,000 and a book value of $9,100 on date of sale was sold for SII,500. Depreciation for the nine months ended September 30, 2024, was $2,650. g. On December 20, 2024, equipment with a cost of $17,000 and a book value of $2,975 at date of disposition was scrapped without cash recovery. Required: Balance 12/31/2023 Land Land improvements Buildings Equipment Automobiles and trucks s 175,000 1,125,000 172,000 216,000 Leasehold improvements s Increase s o Decrease s Balance 12/3112024 Required 2