The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Thompson has started the fixed-asset and depreclation 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 company's records and personnel: (FV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1 ) (Use appropriate factor(s) from the tables provided.) a. Depreclation is computed from the first of the month of acquisition to the first of the month of disposition. b. Land A and Building A were acquired from a predecessor corporation. Thompson paid $912500 for the land and bullding together. At the time of acquisition, the land had a falr value of $100,000 and the bullding had a falr value of $900,000. c. Land B was acquired on October 2, 2019, In exchange for 4,000 newly Issued shares of Thompson's common stock. At the date of acquisition, the stock had a par value of $5 per share and a falr value of $35 per share. During October 2019 , Thompson pald $11,400 to demolish an existing bullding on this land so it could construct a new bullding. d. Construction of Bullding B on the newly acquired land began on October 1, 2020. By September 30, 2021, Thompson had pald $310,000 of the estimated total construction costs of $400,000. Estimated completion and occupancy are July 2022. e. Certain equipment was donated to the corporation by the city. An Independent appralsal of the equipment when donated placed the falr value at $20,000 and the residual value at $3,000. f. Equipment A's total cost of $108,000 Includes Installation charges of $650 and normal repairs and malntenance of $12,900. Residual value is estimated at $6,000. Equipment A was sold on February 1, 2021. g. On October 1, 2020, Equipment B was acquired with a down payment of $5,000 and the remaining payments to be made in 10 annual Installments of $5,000 each beginning October 1,2021 . The prevalling interest rate was 9%. Required: Supply the correct amount for each answer box on the schedule. (Round your intermedlate calculations and final answers to the nearest whole dollar.) Required: Supply the correct amount for each answer box on the schedule. (Round your intermedlate calculatlons and final answers to the nearest whole dollar.) The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Thompson has started the fixed-asset and depreclation 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 company's records and personnel: (FV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1 ) (Use appropriate factor(s) from the tables provided.) a. Depreclation is computed from the first of the month of acquisition to the first of the month of disposition. b. Land A and Building A were acquired from a predecessor corporation. Thompson paid $912500 for the land and bullding together. At the time of acquisition, the land had a falr value of $100,000 and the bullding had a falr value of $900,000. c. Land B was acquired on October 2, 2019, In exchange for 4,000 newly Issued shares of Thompson's common stock. At the date of acquisition, the stock had a par value of $5 per share and a falr value of $35 per share. During October 2019 , Thompson pald $11,400 to demolish an existing bullding on this land so it could construct a new bullding. d. Construction of Bullding B on the newly acquired land began on October 1, 2020. By September 30, 2021, Thompson had pald $310,000 of the estimated total construction costs of $400,000. Estimated completion and occupancy are July 2022. e. Certain equipment was donated to the corporation by the city. An Independent appralsal of the equipment when donated placed the falr value at $20,000 and the residual value at $3,000. f. Equipment A's total cost of $108,000 Includes Installation charges of $650 and normal repairs and malntenance of $12,900. Residual value is estimated at $6,000. Equipment A was sold on February 1, 2021. g. On October 1, 2020, Equipment B was acquired with a down payment of $5,000 and the remaining payments to be made in 10 annual Installments of $5,000 each beginning October 1,2021 . The prevalling interest rate was 9%. Required: Supply the correct amount for each answer box on the schedule. (Round your intermedlate calculations and final answers to the nearest whole dollar.) Required: Supply the correct amount for each answer box on the schedule. (Round your intermedlate calculatlons and final answers to the nearest whole dollar.)
