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The Thompson Corporation, a manufacturer of steel products, began operations on October 1 , 2 0 2 2 . The accounting department of Thompson has
The Thompson Corporation, a manufacturer of steel products, began operations on October The accounting department of Thompson has started the fixedasset 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: Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $ a Depreciation 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 $ for the land and building together. At the time of acquisition, the land had a fair value of $ and the building had a fair value of $ c Land B was acquired on October in exchange for newly issued shares of Thompson's common stock. At the date of acquisition, the stock had a par value of $ per share and a fair value of $ per share. During October Thompson paid $ to demolish an existing building on this land so it could construct a new building. d Construction of Building B on the newly acquired land began on October By September Thompson had paid $ of the estimated total construction costs of $ Estimated completion and occupancy are July e Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $ and the residual value at $ f Equipment As total cost of $ includes installation charges of $ and normal repairs and maintenance of $ Residual value is estimated at $ Equipment A was sold on February g On October Equipment B was acquired with a down payment of $ and the remaining payments to be made in annual installments of $ each beginning October The prevailing interest rate was Required: Supply the correct amount for each answer box on the schedule. Note: Round your intermediate calculations and final answers to the nearest whole dollar.
The Thompson Corporation, a manufacturer of steel products, began operations on October The accounting department of
Thompson has started the fixedasset 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:
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
a Depreciation 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 $ for the land and building
together. At the time of acquisition, the land had a fair value of $ and the building had a fair value of $
c Land B was acquired on October in exchange for newly issued shares of Thompson's common stock. At the date
of acquisition, the stock had a par value of $ per share and a fair value of $ per share. During October Thompson paid
$ to demolish an existing building on this land so it could construct a new building.
d Construction of Building B on the newly acquired land began on October By September Thompson had paid
$ of the estimated total construction costs of $ Estimated completion and occupancy are July
e Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed
the fair value at $ and the residual value at $
f Equipment As total cost of $ includes installation charges of $ and normal repairs and maintenance of $
Residual value is estimated at $ Equipment A was sold on February
g On October Equipment B was acquired with a down payment of $ and the remaining payments to be made in
annual installments of $ each beginning October The prevailing interest rate was
Required:
Supply the correct amount for each answer box on the schedule.
Note: Round your intermediate calculations and final answers to the nearest whole dollar.
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