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 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 $812,500 for the land and building together. At the time of acquisition, the land had a fair value of $72,000 and the building had a fair value of $828,000. c. Land B was acquired on October 2, 2019, in exchange for 3,000 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 fair value of $25' per share. During October 2019. Thompson paid $10,400 to demolish an existing building on this land to it could construct a new building d. Construction of Building B on the newly acquired land began on October 1, 2020. By September 30, 2021. Thompson had paid $210,000 or the estimated total construction costs of $300,000. Estimated completion and occupancy are July 2022 c. Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $ 16,000 and the residual value at $2,000, 1. Equipment A's total cost of $110.000 includes installation charges of $550 and normal repairs and maintenance or $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 $4,000 and the remaining payments to be made in 10 annual installments of $4.000 cach beginning October 1, 2021. The prevailing interest rate was 8% THOMPSON CORPORATION Fixed Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2020, and September 30, 2021 Depreciation for Year Ended 9/30 Estimated Life Assets Cost 2020 (in years) Depreciation Residual Method N/A N/A 2021 Land A N/A N/A $(1) (2) N/A S14,000 $47.500 SL (3) S(4) Building A Land B Acquisition Date 10/1/2019 10/1/2019 10/2/2019 Under construction 10/2/2019 (5) N/A NA N/A N/A N/A (6) Building B SL 30 ) 210,000 to date 2,000 DDB 10 (8) (9) Donated Equipment Equipment Equipment B 5,500 SYD 10 (11) (12) 10/2/2019 10/1/2020 (10) (13) 1 SL 15 NIA- not applicable Required: Supply the correct amount for cach numbered item on the schedule. For depreciation methods, SL indicates straight line, DDB indicates double declining balance, and SYD indicates sum of the years digits. Round each answer to the nearest dollar, CAICPA adapted) Source: AICPA adapted