P11-10 (L01) GROUPWORK (Compr steel products, began operations on October 1, 20 Computations) Kohlbeck Corporation, a manufacturer of operations on Dltober 1,2016. The acounting department of Kohlbeck has starter the fined asset and depreciation schedule presented on page 595. You have been asked to assist in completing this schedule. In addition to ascer- taining that the data already on the schedule are correct, you have obtained the following information from the company's records and personnel. 1. Depreciation is computed from the first of the month of acquisition to the first of the month of disposition. 2. Land A and Building A were acquired from a predecessor corporation. Kohlbeck paid $800,000 for the land and building together. At the time of acquisition, the land had an appraised value of $90,000, and the building had an appraised value of $810,000. 3. Land B was acquired on October 2, 2016, in exchange for 2,500 newly issued shares of Kohlbeck's common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $30 per share. During October 2016, Kohl- beck paid $16,000 to demolish an existing building on this land so it could construct a new building. occupied by July 2019. donated placed the fair value at $40,000 and the salvage value at $3,000. Salvage value is estimated at S6,000. Machinery A was sold on February 1, 2018. were abstracted from present value tables (rounded) . Construction of Building B on the newly acquired land began on October 1, 2017. By September 30, 2018, Kohlbeck had paid $320,000 of the estimated total construction costs of $450,000. It is estimated that the building will be completed and 5. Certain equipment was donated to the corporation by a local university An independent appraisal of the equipment when 6. Machinery A's total cost of $182,900 includes installation expense of $600 and normal repairs and maintenance of $14,900. in 11 annual installments of S6 000 each beginning October 1, 2017. The prevailing interest rate was 8%. The following data Present Value of $1.00 at 8% Present Value of an Ordinary Annuity of S1.00 at 8% 10 years 1l years ears 163 10 years 11 years 6.710 7.139 315