value 10.00 points At December 31, 2015, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Plant Asset S 169,000 1,200,000 825,000 166,000 204,000 and Land Machinery and equipment Automobiles and trucks Leasehold improvements Land improvements 322,900 311,500 94,325 102,000 Depreciation methods and usefull lives Building-150% dedining balance, 25 years. Machinery and equipment-Straight line 10 years Automobles and trucks-150% dedining balance, 5 years, all acquired after 2012. Leasehold improvements-Straight line Land improvements-Straight line. Depreciation is computed to the nearest month and residual values are immaterial Transactions during 2016 and other information: a. On January 6,2016, a plant facility consisting of land and building was acquired from King Corp. in exchange for 19,000 shares of Cord's common stock. On this date, Cords stock had a fair value of $60 a share. Current assessed values of land and building for property tax purposes are $207,000 and $483,000, respectively b. On March 25, 2016, new parking lots, streets, and sidewalks at the acquired plant facility were c The leasehold improvements were completed on December 31, 2012, and had an estimated useful life completed at a total cost of $156,000. These expenditures had an estimated useful life of 12 years of eight years. The related lease, which would terminate on December 31, 2018, was renewable for an additional four-year term. On April 29, 2016, Cord exercised the renewal option d. On July 1, 2016, machinery and equipment were purchased at a total invoice cost of $319,000. Additional costs of $11,000 for delivery and $44,000 for installation were incurred e. On August 30, 2016, Cord purchased a new automobile for $11,900 1 On September 30, 2016, a truck with a cost of $23,400 and a book value of $8,000 on date of sale was sold for $10,900. Depreciation for the nine months ended Seplember 30, 2016, was $1,800. On December 20, 2016, a machine with a cost of $14,000 and a book value of $2,825 at date of disposition was scrapped without cash recovery g Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2016. Do not analyze changes in accumulated depreciation and amortization PAN Analysis of Changes in Plant Assets For the Year Ending December 31, 2016 952 818 fas51 (4).pd disposition was scrapped without cash recovery Required: e a schedule analyzing the changes in each of the plant asset accounts during 2016. Do not analyze changes in accumulated depreciation and amortization. CORD COMPANY Analysis of Changes in Plant Assets For the Year Ending December 31, 2016 Balance Balance 12/31/15 Increase Decrease 12/31/16 Land Land improvements Buildings Machinery and equipment Automobiles and trucks Leasehold improvements 169,000 156,000 156,000 1,200,000 825,000 166,000 204,000 374,000 11,900 14,000 23,400 2.564,000 410 37,400156,000 2 Forea asset caterepare checdule showing depreciaton or amortization expense for the year ended December 31, 2016. (Do not round intermediate calculations.) CORD COMPANY Depreciation and Amortization Expense For the Year Ending December 31, 2016 Land Improvements Buildings Machinery and equipment Automobiles and trucks Leasehold improvements Total depreciation and amortization expense for 2016 9,750 101,200 20,400 131,350 18 fas51 (4)pdf