please type your answer, answer all parts and provide a brief explination and show ALL workProblem 3 (15%)

please 1-4

Cranston Corporation, a manufacturer of steel products, began operations on 10/1/16. The accounting department of Cranston has started the fixed-asset and depreciation schedule presented. 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.

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. Cranston 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 10/2/16, in exchange for 2,500 newly issued shares of Cranston'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, Cranston paid $16,000 to demolish an existing building on this land so it could construct a new building.

4. Construction of Building B on the newly acquired land began on 10/1/17. By 9/30/18, Cranston had paid $320,000 of the estimated total construction costs of $450,000. It is estimated that the building will be completed and occupied by July 2019.

CRANSTON CORPORATION

Fixed-Asset and Depreciation Schedule

For Fiscal Years Ended September 30, 2017, and September 30, 2018

Depreciation Expense Year Ended September 30

Assets

Acquisition Date

Cost

Salvage

Depreciation Method

Estimated Life in Years

2017

2018

Land A

10/1/16

$ (1)

N/A*

N/A

N/A

N/A

N/A

Building A

10/1/16

(2)

$40,000

Straight-line

(3)

$13,600

(4)

Land B

10/2/16

(5)

N/A

N/A

N/A

N/A

N/A

Building B

Under Construction

$320,000 to date

Straight-line

30

(6)

Donated Equipment

10/2/16

(7)

3,000

150% declining-balance

10

(8)

(9)

Machinery A

10/2/16

(10)

6,000

Sum-of-the- years'-digits

8

(11)

(12)

Machinery B

10/1/17

(13)

Straight-line

20

(14)

Required:

For each numbered item on the schedule above, supply the correct amount. (Round each answer to the nearest dollar.)