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Posted on Jul 25, 2024

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 (Ey of SI. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $(Use appropriate factor(s) from the tables provided.) 2.5 points 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 $752.500 for the land and building together At the time of acquisition, the land had a fair value of $84,000 and the building had a fair value of $756,000. c. Land was acquired on October 2, 2019, in exchange for 2.400 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 fair value of $19 per share. During October 2019, Thompson paid $9,000 to demolish an existing building on this land so it could construct a new building. d. Construction of Building on the newly acquired land began on October 1, 2020. By September 30, 2021, Thompson had paid $150,000 of the estimated total construction costs of $240,000. Estimated completion and occupancy are July 2022 e. Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $13.600 and the residual value at $1400. t Equipment As total cost of $103,000 includes installation charges of $490 and normal repairs and maintenance of $10,400 Residual value is estimated at 56,200. Equipment A was sold on February 1, 2021 9. on October 1, 2020, Equipment was acquired with a down payment of $3,400 and the remaining payments to be made in 10 annual installments of $3,400 each beginning October 1, 2021. The prevailing interest rate was 9 Required Supply the correct amount for each answer box on the schedule. (Round your intermediate calculations and final answers to the nearest whole dollar) Required: Supply the correct amount for each answer box on the schedule. (Round your intermediate calculations and final answers to the nearest whole dollar.) 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 NA NA 2020 NIA 13.400 NA NIA 34.050 NA 5 $ NIA NA Land A Bunding ILand B Bulding Donald Equipe Equipment Equipment 10/1/2010 10/1/2019 10/2/2010 Under construction 10/2/2015 10/2/2019 101/2000 150,000 to date not applicable Straight line not applicatio Straight line 200% Declining balance Sum of the years Straighine 1,400 6.200 30 10 8 16 De OO SHOW SCHOOL OF TOO 00000 DORSED HOOOOO 16 DOST OD TEOSED TO BED SON LOSOWE * 0100 TO SCHOOL FOOTED CLOSED 60LED DOW IN TO STO SEESID TO LOGO TO SLIDEO Nee Nee Newest ce me e re e E 9000 RODEO ROTOSHO HOSTED ECHO ED I BESOS DE LOS ALDO CRNO BIO Tweet to SEO O O O O O O 1030076491700064111 01 03 06 64530 041552017 0101 01101011191796 01512013004 0756 11 HH410 050 05113 47318 0.400.4004 037136 1857 022 02107 1978 166 16 0.522 7833 4.73845 BIS 17 2.37716.30 411.45 2.37 0.21 0.25197 198 1 10 B 15 06135 000 0047 046 08535 051072 0601000493 04176403114 07154 09 0090001000 14. On 075738 0.70773 06112 0.6177 05 47257 04:30 0.34045 0.22 0.28333 0.2319 0.20462 0.0778 HIZO ISESCO TONEDERO WHO LOCO CHE SOLO GOED OF 12 0.45 0.33539 2.74356 0.70138 03 0.3 0.655064052598 0.0 0.0 0.0.35553 0.31303 0.28584 0.2068 01116 ISTO DE SISEO KORISO OSO 169 090 985800 ISO SROTOCRED COOL TREND 10000 OE CHOP SOOS OLIVO 10 BLOGSOLO ELEZO H900 CLOOS 20D ESE MOVI606 SED DO 15 CD ORD SO IMENO ISO 6 GO TO THE SONO STO SOTHO 1 099772 09010 07056 0110130702 07343 0.08 0.14 0.06 06 58403051116 00 0.45235 08 . 0.30 0.33454.87 0.3630. .303 ...422 0.73535 0.7049.64. . . .54 0.04 0.33 100 CROSSRESO NO 9001 ISO CERO ESESO SONO IZNOHO 1990 SED ESCORCHOS SEBESSO CD 1 CROCODILO SELO 620 TELONO GLICEO SHOESO ILEOS SED S60 SID 60060 3097059 09563393330900091514 1 060 06154035161 1962 01630 0.79330 01 073119 01178057870 2000097066 017 095181 030 093358090456 09157 0.90701 89045 38 0.87344 08574 0.54168 16 031162 07971 0644 SESSO ED 0606060606060606060606 SUD SIDO SOLO 95060 6060 TESIS 0106601 E SOL SE SI 300 19 11+t) 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 (Ey of SI. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $(Use appropriate factor(s) from the tables provided.) 2.5 points 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 $752.500 for the land and building together At the time of acquisition, the land had a fair value of $84,000 and the building had a fair value of $756,000. c. Land was acquired on October 2, 2019, in exchange for 2.400 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 fair value of $19 per share. During October 2019, Thompson paid $9,000 to demolish an existing building on this land so it could construct a new building. d. Construction of Building on the newly acquired land began on October 1, 2020. By September 30, 2021, Thompson had paid $150,000 of the estimated total construction costs of $240,000. Estimated completion and occupancy are July 2022 e. Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $13.600 and the residual value at $1400. t Equipment As total cost of $103,000 includes installation charges of $490 and normal repairs and maintenance of $10,400 Residual value is estimated at 56,200. Equipment A was sold on February 1, 2021 9. on October 1, 2020, Equipment was acquired with a down payment of $3,400 and the remaining payments to be made in 10 annual installments of $3,400 each beginning October 1, 2021. The prevailing interest rate was 9 Required Supply the correct amount for each answer box on the schedule. (Round your intermediate calculations and final answers to the nearest whole dollar) Required: Supply the correct amount for each answer box on the schedule. (Round your intermediate calculations and final answers to the nearest whole dollar.) 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 NA NA 2020 NIA 13.400 NA NIA 34.050 NA 5 $ NIA NA Land A Bunding ILand B Bulding Donald Equipe Equipment Equipment 10/1/2010 10/1/2019 10/2/2010 Under construction 10/2/2015 10/2/2019 101/2000 150,000 to date not applicable Straight line not applicatio Straight line 200% Declining balance Sum of the years Straighine 1,400 6.200 30 10 8 16 De OO SHOW SCHOOL OF TOO 00000 DORSED HOOOOO 16 DOST OD TEOSED TO BED SON LOSOWE * 0100 TO SCHOOL FOOTED CLOSED 60LED DOW IN TO STO SEESID TO LOGO TO SLIDEO Nee Nee Newest ce me e re e E 9000 RODEO ROTOSHO HOSTED ECHO ED I BESOS DE LOS ALDO CRNO BIO Tweet to SEO O O O O O O 1030076491700064111 01 03 06 64530 041552017 0101 01101011191796 01512013004 0756 11 HH410 050 05113 47318 0.400.4004 037136 1857 022 02107 1978 166 16 0.522 7833 4.73845 BIS 17 2.37716.30 411.45 2.37 0.21 0.25197 198 1 10 B 15 06135 000 0047 046 08535 051072 0601000493 04176403114 07154 09 0090001000 14. On 075738 0.70773 06112 0.6177 05 47257 04:30 0.34045 0.22 0.28333 0.2319 0.20462 0.0778 HIZO ISESCO TONEDERO WHO LOCO CHE SOLO GOED OF 12 0.45 0.33539 2.74356 0.70138 03 0.3 0.655064052598 0.0 0.0 0.0.35553 0.31303 0.28584 0.2068 01116 ISTO DE SISEO KORISO OSO 169 090 985800 ISO SROTOCRED COOL TREND 10000 OE CHOP SOOS OLIVO 10 BLOGSOLO ELEZO H900 CLOOS 20D ESE MOVI606 SED DO 15 CD ORD SO IMENO ISO 6 GO TO THE SONO STO SOTHO 1 099772 09010 07056 0110130702 07343 0.08 0.14 0.06 06 58403051116 00 0.45235 08 . 0.30 0.33454.87 0.3630. .303 ...422 0.73535 0.7049.64. . . .54 0.04 0.33 100 CROSSRESO NO 9001 ISO CERO ESESO SONO IZNOHO 1990 SED ESCORCHOS SEBESSO CD 1 CROCODILO SELO 620 TELONO GLICEO SHOESO ILEOS SED S60 SID 60060 3097059 09563393330900091514 1 060 06154035161 1962 01630 0.79330 01 073119 01178057870 2000097066 017 095181 030 093358090456 09157 0.90701 89045 38 0.87344 08574 0.54168 16 031162 07971 0644 SESSO ED 0606060606060606060606 SUD SIDO SOLO 95060 6060 TESIS 0106601 E SOL SE SI 300 19 11+t)