Problem 11-5 Property, plant, and equipment and intangible assets; comprehensive (LO11-2] The Thompson Corporation, a manufacturer of steel products, began operations on October1 2016. 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 (EV of $1, PV of $1. EVA of $1. PVA of $1. EVAD of $1 and EVAD of $1 (Use appropriate factor(s) from the tables provided.) ok 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 $732.500 for the land and building together. At the time of acquisition, the land had a fair value of $65,600 and the building had a fair value of $754,400 c. Land B was acquired on October 2. 2016, in exchange for 2.200 newly issued shares of Thompson's common stock. At the date of acquisition, the stock hada par value of $5 per share and a fair value of $17 per share. During October 2016, Thompson paid $9,600 to demolish an existing building an this land so it could construct a new butding. d. Construction of Building B on the newly acquired land began on October 1, 2017. By September 30, 2018, Thompson had paid $130.000 of the estimated total construction costs of $220,000. Estimated completion and occupancy are July 2019. e. Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $12,800 and the residual value at $1,200, E Machine As total cost of $114,000 includes installation charges of $470 and normal repairs and maintenance of $10.200. Residual value is estimated at $5,900. Machine A was sold on February 1, 20O18 g. On October 1, 2017, Machine B was acquired with a down payment of $3,200 and the remaining payments to be made in 10 annual installments of $3.200 each beginning October 1, 2018. The prevalling interest rate was 8%. ences Required: Supply the correct amount for each answer box on the schedule (Round your final answers to nearest whole doller.) THOMPSON CORPORATION Fixed Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2017, and September 30, 2018 Depreciation for Year Ended 3r30 Acquisition Date Depreciation Method Estimated Rusidual Assets Cost Life in Years 2017 2018 10116 Land A NIA NIA NIA NOA NIA Building A 10/1/16 $40,300 SL 13 200 NIA NIA Land B 102/16 NIA NIA Under construction 130.000 to date SL 30 ug 2 1,200 150% Decining balance 5900 Sum-ot-the yearn-digita 10 Donated Equipment 1D/2/16 Machine A 10 10/2/16 10//17 SL 15 Machine B