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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 started
The Thompson Corporation, a manufacturer of steel products, began operations on October The accounting department of Thompson has started the fixedasset 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 obtalned the following information from the company's records and personnel:
Note: Use tables, Excel, or a financlal calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
a Depreclation is computed from the first of the month of acquisition to the first of the month of disposition
b Land A and Bulding A were acquired from a predecessor corporation. Thompson pald $ for the land and bullding together. At the time of acquisition, the land had a falr value of $ and the bullding had a falr 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 falr value of $ per share. During October Thompson pald $ 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 By September Thompson had pald $ of the estimated total construction costs of $ Estimated completion and occupancy are July
e Certaln equipment was donated to the corporation by the city. An independent appralsal of the equipment when donated placed the falr value at $ and the residual value at $
f Equipment As total cost of $ includes installation charges of $ and normal repalrs and maintenance of $ Residual value is estimated at $ Equipment A was sold on February
g On October Equipment was acquired with a down payment of $ and the remalning payments to be made in
tableTHOMP SON CORPORATIONFixed Asset and Depreciation ScheduleFor Fiscal Years Ended September and September AssetstableAcquisitionDateCost,Residual,tableDepreciationMethodtableEstimatedLife in YearstableDepreciation forYear Ended Land ANAnot applicable,NANANABuildingA$ Straightline,,S Land BNA Anot applicable,NANIA,NABuilding Under construction, to date Straightline,Donated Equipment, Dedining balance,Equipment :Straightline,Equipment Straightline,
annual installments of $ each beginning October The prevalling 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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