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 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 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 ) Depreciation is computed from the first of the month of acquisition to the first of the month of disposition Land A and Building A were acquired from a predecessor corporation Thompson paid $822,500 for the land and building together At the time of acquisition, the land had a fair value of $91,000 and the building had a fair value of $819,000 Land B was acquired on October 2, 2019, in exchange for 3,100 newly issued shares of Thompsons common stock At the date of acquisition, the stock had a par value of $5 per share and a fair value of $26 per share During October 2019, Thompson paid $10,500 to demolish an existing building on this land so it could construct a new building Construction of Building B on the newly acquired land began on October 1, 2020 By September 30, 2021, Thompson had paid $220,000 of the estimated total construction costs of $310,000 Estimated completion and occupancy are July 2022 Certain equipment was donated to the corporation by the city An independent appraisal of the equipment when donated placed the fair value at $16,400 and the residual value at $2,100 Equipment As total cost of $111,000 includes installation charges of $560 and normal repairs and maintenance of $11,000 Residual value is estimated at $5,500 Equipment A was sold on February 1, 2021 On October 1, 2020, Equipment B was acquired with a down payment of $4,100 and the remaining payments to be made in 10 annual installments of $4,100 each beginning October 1, 2021 The prevailing interest rate was 9 Required Supply the correct amount for each answer box on the schedule THOMPSON CORPORATION Fixed Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2020, and September 30, 2021 Acquisition Date Assets Depreciation for Year Ended 9 30 Cost Depreciation Method Residual Estimated Life in Years 2021 N A Land A Building A 10 1 2019 10 1 2019 10 2 2019 $ N A 49,350 N A $ 2020 N A 14,100 N A Land B NA Under construction 220,000 to date not applicable Straight line not applicable Straight line 200 Declining balance Sum of the years' digits Straight line NA 30 10 Building B Donated Equipment Equipment A Equipment B 10 2 2019 10 2 2019 10 1 2020 2,100 5,500 16

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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 depreciation

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 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 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.)

Depreciation is computed from the first of the month of acquisition to the first of the month of disposition.
Land A and Building A were acquired from a predecessor corporation. Thompson paid $822,500 for the land and building together. At the time of acquisition, the land had a fair value of $91,000 and the building had a fair value of $819,000.
Land B was acquired on October 2, 2019, in exchange for 3,100 newly issued shares of Thompsons common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $26 per share. During October 2019, Thompson paid $10,500 to demolish an existing building on this land so it could construct a new building.
Construction of Building B on the newly acquired land began on October 1, 2020. By September 30, 2021, Thompson had paid $220,000 of the estimated total construction costs of $310,000. Estimated completion and occupancy are July 2022.
Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $16,400 and the residual value at $2,100.
Equipment As total cost of $111,000 includes installation charges of $560 and normal repairs and maintenance of $11,000. Residual value is estimated at $5,500. Equipment A was sold on February 1, 2021.
On October 1, 2020, Equipment B was acquired with a down payment of $4,100 and the remaining payments to be made in 10 annual installments of $4,100 each beginning October 1, 2021. The prevailing interest rate was 9%.

Required: Supply the correct amount for each answer box on the schedule.

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THOMPSON CORPORATION Fixed Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2020, and September 30, 2021 Acquisition Date Assets Depreciation for Year Ended 9/30 Cost Depreciation Method Residual Estimated Life in Years 2021 N/A Land A Building A 10/1/2019 10/1/2019 10/2/2019 $ N/A 49,350 N/A $ 2020 N/A 14,100 N/A - Land B NA Under construction 220,000 to date not applicable Straight-line not applicable Straight-line 200% Declining balance Sum-of-the years'-digits Straight-line NA 30 10 Building B Donated Equipment Equipment A Equipment B 10/2/2019 10/2/2019 10/1/2020 2,100 5,500 16