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Please Help At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Depreciation methods and useful lives:
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At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Depreciation methods and useful lives: Buildings-150\% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks 200% declining balance; 5 years, all acquired after 2020. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions 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 23,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $50 a share. Current assessed values of land and building for property tax purposes are $182,500 and $547,500, respectively. b. On March 25, 2024, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $180,000. 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 1, 2024, equipment was purchased at a total invoice cost of $323,000. Additional costs of $10,000 for delivery and $48,000 for installation were incurred. e. On September 30, 2024, Cord purchased a new automobile for $12,300. f. On September 30, 2024, a truck with a cost of $23,800 and a book value of $8,800 on date of sale was sold for $11,300. Depreciation for the nine months ended September 30, 2024, was $1,980. g. On December 20,2024 , equipment with a cost of $16,000 and a book value of $2,925 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 2024 . 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, 2024. Complete this question by entering your answers in the tabs belo For each asset category, prepare a schedule showing depreciation or amor 2024. Note: Do not round intermediate calculations. Round your final answers to
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