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What are all the answers? Thank you At December 31, 2017, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows:
What are all the answers? Thank you
At December 31, 2017, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation and Amortization Category Land Buildings Machinery and equipment,125,000 Automobiles and trucks Leasehold improvements Land improvements Plant Asset S 175, 000 1,500,000 328,900 317,500 100,325 108,000 172,000 216,000 Depreciation methods and useful lives: Buildings-150% declining balance; 25 years. Machinery and equipment-Straight line; 10 years. Automobiles and trucks-150% declining balance, 5 years, all acquired after 2014. Leasehold improvements-Straight line. Land improvements-Straight line Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2018 and other information a. On January 6, 2018, a plant facility consisting of land and building was acquired from King Corp. in exchange for 25,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $50 a share. Current assessed values of land and building for property tax purposes are $187.500 and $562,500, respectively. b. On March 25, 2018, new parking lots, streets, and sidewalks at the acauired plant facilitv wereStep by Step Solution
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