Swifty Corporation, a manufacturer of steel products, began operations on October 1, 2019. Swifty's accounting department has begun to prepare the capital asset and depreciation schedule that follows. You have been asked to assist in completing this schedule. In addition to determining that the data already on the schedule are correct, you have obtained the following information from the company's records and personnel: 1. 2. 3. Depreciation is calculated from the first day of the month of acquisition to the first day of the month of disposition. Land A and Building A were acquired together for $784,000. At the time of acquisition, the land had an appraised value of $85,000 and the building had an appraised value of $765,000. Land B was acquired on October 2, 2019, in exchange for 3,500 newly issued common shares. At the date of acquisition, the shares had a fair value of $20 each. During October 2019, Swifty paid $14,000 to demolish an existing building on this land so that it could construct a new building. Construction of Building B on the newly acquired land began on October 1, 2020. By September 30, 2021, Swifty had paid $300,000 of the estimated total construction costs of $430,000. It is estimated that the building will be completed and occupied by July 2022. 4. 5. 6. Certain equipment was donated to the corporation by a local university. An independent appraisal of the equipment when it was donated estimated its fair value at $20,000 and the residual value at $2,000. Machine A's total cost of $174.800 includes an installation expense of $700 and normal repairs and maintenance of $14,800. Its residual value is estimated at $4,000. Machine A was sold on February 1, 2021. On October 1, 2020, Machine B was acquired with a down payment of $24,160 and the remaining payments to be made in 11 annual instalments of $4,000 each, beginning October 1, 2020. The prevailing interest rate was 8%. The following data were determined from present-value tables and are rounded: 7. PV of $1 at 8% PV of an Ordinary Annuity of $1 at 8% 10 years 0.463 10 years 6.710 11 years 0.429 11 years 7.139 15 years 0.315 15 years 8.559 For each numbered item in the schedule, give the correct amount. (Do not leave any answer field blank. Enter Ofor amounts.) SWIFTY CORPORATION Capital Asset and Depreciation Sche For Fiscal Years Ended September 30, 2020, and se Residual Value Depreciation Method Assets Acquisition Date Cost Land A Oct. 1, 2019 (1) $ N/A N/A Building A Oct. 1, 2019 (2) $35,000 Straight-line (3 Land B Oct. 2, 2019 (5) N/A N/A Building B Under construction $300,000 to date Straight-line Donated equipment Oct. 2, 2019 (7) 2,000 150% declining-balance Machine A Oct. 2, 2019 (10) 4,000 Double-declining-balance Machine B Oct. 1, 2020 (13) Straight-line SWIFTY CORPORATION tal Asset and Depreciation Schedule ded September 30, 2020, and September 30, 2021 Depreciation Expense, Year Ended September 30 Depreciation Method Estimated Life in Years 2020 2021 N/A N/A N/A N/A Straight-line (3) $16,765 (4) N/A N/A N/A N/A Straight-line 20 (6) 150% declining-balance 10 (8) (9) Double-declining-balance 00 (11) (12) Straight-line 20 (14)