Problem 11 10 Marin Corporation, a manufacturer of steel products, began operations on October 1, 2016 The accounting department of Marin has started the fixed asset and depreciation schedule presented below 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 companys 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 Marin paid $790,000for the land and building together At the time of acquisition, the land had an appraised value of $90,500, and the building had an appraised value of $814,500 3 Land B was acquired on October 2, 2016, in exchange for2,300newly issued shares of Marins common stock At the date of acquisition, the stock had a par value of $5per share and a fair value of $31per share During October 2016, Marin paid $17,600to 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 October 1, 2017 By September 30, 2018, Marin had paid $335,100of the estimated total construction costs of $447,600 It is estimated that the building will be completed and occupied by July 2019 5 Certain equipment was donated to the corporation by a local university An independent appraisal of the equipment when donated placed the fair value at $41,900and the salvage value at $2,800 6 Machinery As total cost of $169,600includes installation expense of $620and normal repairs and maintenance of $14,300 Salvage value is estimated at $5,700 Machinery A was sold on February 1, 2018 7 On October 1, 2017, Machinery B was acquired with a down payment of $6,310and the remaining payments to be made in 11 annual installments of $6,570each beginning October 1, 2017 The prevailing interest rate was8 The following data were abstracted from present value tables (rounded) Present value of $1 00 at8 Present value of an ordinary annuity of $1 00 at8 10years 0 463 10years 6 710 11years 0 429 11years 7 139 15years 0 315 15years 8 559 Complete the schedule below (Round answers to 0 decimal places, e g 45,892 ) MARIN 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 October 1, 2016 (1) $ N A N A N A N A N A Building A October 1, 2016 (2) $36,400 Straight line (3) $12,973 (4) Land B October 2, 2016 (5) N A N A N A N A N A Building B Under Construction $335,100to date Straight line 30 (6) Donated Equipment October 2, 2016 (7) 2,800 150 declining balance 10 (8) (9) Machinery A October 2, 2016 (10) 5,700 Sum of the years' digits 8 (11) (12) Machinery B October 1, 2017 (13) Straight line 20 (14) Click if you would like to Show Work for this question Open Show Work Question Attempts 0 of 2 used SAVE FOR LATER SUBMIT ANSWER Copyright 2000 2017 by John Wiley Sons, Inc or related companies All rights reserved

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Problem 11-10 Marin Corporation, a manufacturer of steel products, began operations on October 1, 2016. The accounting department of Marin has started the fixed-asset and

Problem 11-10 Marin Corporation, a manufacturer of steel products, began operations on October 1, 2016. The accounting department of Marin has started the fixed-asset and depreciation schedule presented below. 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 companys 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. Marin paid $790,000for the land and building together. At the time of acquisition, the land had an appraised value of $90,500, and the building had an appraised value of $814,500.
3.	Land B was acquired on October 2, 2016, in exchange for2,300newly issued shares of Marins common stock. At the date of acquisition, the stock had a par value of $5per share and a fair value of $31per share. During October 2016, Marin paid $17,600to 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 October 1, 2017. By September 30, 2018, Marin had paid $335,100of the estimated total construction costs of $447,600. It is estimated that the building will be completed and occupied by July 2019.
5.	Certain equipment was donated to the corporation by a local university. An independent appraisal of the equipment when donated placed the fair value at $41,900and the salvage value at $2,800.
6.	Machinery As total cost of $169,600includes installation expense of $620and normal repairs and maintenance of $14,300. Salvage value is estimated at $5,700. Machinery A was sold on February 1, 2018.
7.	On October 1, 2017, Machinery B was acquired with a down payment of $6,310and the remaining payments to be made in 11 annual installments of $6,570each beginning October 1, 2017. The prevailing interest rate was8%. The following data were abstracted from present value tables (rounded).

Present value of $1.00 at8%	Present value of an ordinary annuity of $1.00 at8%
10years	0.463	10years	6.710
11years	0.429	11years	7.139
15years	0.315	15years	8.559

Complete the schedule below.(Round answers to 0 decimal places, e.g. 45,892.)

MARIN 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	October 1, 2016	(1)	$	N/A	N/A	N/A	N/A	N/A
Building A	October 1, 2016	(2)		$36,400	Straight-line	(3)		$12,973	(4)
Land B	October 2, 2016	(5)		N/A	N/A	N/A	N/A	N/A
Building B	Under Construction	$335,100to date		Straight-line	30		(6)
Donated Equipment	October 2, 2016	(7)		2,800	150% declining-balance	10	(8)		(9)
Machinery A	October 2, 2016	(10)		5,700	Sum-of-the-years'-digits	8	(11)		(12)
Machinery B	October 1, 2017	(13)			Straight-line	20		(14)