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Need help finding Machinery and Equipment and Automobiles and trucks for requirment 2. At December 31, 2017 Cord Company's plant asset and accumulated depreciation and

Need help finding Machinery and Equipment and Automobiles and trucks for requirment 2. image text in transcribed
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At December 31, 2017 Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Land Buildings Machinery and equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset 5 171,000 1,300,000 925,000 168,000 200,000 Accumulated Depreciation and Mortization $ 324,900 313,500 96,325 104,000 arded Depreciation methods and useful lives: Buildings-150% declining balance: 25 years. Machinery and equipment-Straight line: 10 years. Automobiles and trucks-150% declining balance; 5 years, all acquired after 2014 Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2018 and other information: a. On January 6, 2018, a plant facility consisting of land and building was acquired from King Corp. in exchange for 21,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $40 a share. Current assessed values of land and building for property tax purposes are $142,000 and $568,000, respectively, b. On March 25, 2018, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $168,000. These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31, 2014, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2020, was renewable for an additional four-year term. On April 30, 2018, Cord exercised the renewal option d. On July 1, 2018, machinery and equipment wire purchased at a total invoice cost of $321000. Additional costs of $12,000 for delivery and $46,000 for installation were incurred. e. On August 30, 2018, Cord purchased a new automobile for $12,100. f. On September 30, 2018, a truck with a cost of $23,600 and a book value of $8,400 on date of sale was sold for $11,100. Depreciation for the nine months ended September 30, 2018, was $1,890. g. On December 20, 2018, a machine with a cost of $15,000 and a book value of $2,875 at date of disposition was scrapped without cash recovery Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2018. Do not analyze changes in accumulated depreciation and amortization. 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2018 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2018. Do not analyze changes in accum depreciation and amortization. 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 3- Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule analyzing the changes in each of the plant asset accounts during 2018. Do not analyze changes in accumulated depreciation and amortization CORD COMPANY Analysis of Changes in Plant Assets For the Year Ending December 31, 2018 Balance Balance 12/31/17 Increase Decrease 12/31/18 Land $ 171,000 $ 168,000 $ 0 s 339,000 Land improvements 0 168,000 0 168,000 Buildings 1,300,000 672,000 0 1,972,000 Machinery and 925,000 379,000 15,000 1,289,000 equipment Automobiles and 168,000 12,100 23,600 156,500 trucks Leasehold 208,000 0 0 208,000 improvements $ 2,772,000 $ 1,399,100 $ 38,600 $ 4,132,500 lo (Required Required 2 > Deprelduun TUF the nine months ended September 30, 2018, was $1,890. g. On December 20, 2018, a machine with a cost of $15,000 and a book value of $2,875 at date of disposition was scrapped withou cash recovery arded Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2018. Do not analyze changes in accumula depreciation and amortization. 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each asset categry, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2018. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) CORD COMPANY Depreciation and Amortization Expense For the Year Ending December 31, 2018 Land Improvements $ 10,500 Buildings 98,826 Machinery and equipment 92,500 Automobiles and trucks 18,950 X Leasehold improvements 20,800 Total depreciation and amortization expense for $ 241,576 2018 Required 1 Required 2 > "Red text Indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted

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