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1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2024. Do not analyze changes in accumulated depreciation and amortization. 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 3 2024. Answer is not complete. Complete this question by entering your answers in the tabs below.

1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2024. Do not analyze changes in accumulated depreciation and amortization. 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 3 2024. Answer is not complete. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation. and Amortization $ Category Land Land improvements. Buildings Equipment Automobiles and trucks Leasehold improvements Plant Asset $ 174,000 1,450,000 1,075,000 171,000 214,000 Depreciation methods and useful lives: Buildings-150% declining balance; 25 years. Equipment-Straight line; 10 years. 317,914 316,500 99,325 107,000 Automobiles and trucks-200% declining balance; 5 years, all acquired after 2020. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2024 and other information: a. On January 6, 2024, a plant facility consisting of land and building was acquired from King Corporation in exchange for 24,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $40 a share. Current assessed values of land and building for property tax purposes are $148,000 and $592,000, respectively. b. On March 25, 2024, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $186,000. These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31, 2020, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2026, was renewable for an additional four-year term. On April 30, 2024, Cord exercised the renewal option. d. On July 1, 2024, equipment was purchased at a total invoice cost of $324,000. Additional costs of $12,000 for delivery and $49,000 for installation were incurred. e. On September 30, 2024, Cord purchased a new automobile for $12,400. 1. On September 30, 2024, a truck with a cost of $23,900 and a book value of $9,000 on date of sale was sold for $11,400. Depreciation for the nine months ended September 30, 2024, was $2,025. g. On December 20, 2024, equipment with a cost of $16,500 and a book value of $2,950 at date of disposition was scrapped without cash recovery. Required:
Transcribed Image Text:At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation. and Amortization $ Category Land Land improvements. Buildings Equipment Automobiles and trucks Leasehold improvements Plant Asset $ 174,000 1,450,000 1,075,000 171,000 214,000 Depreciation methods and useful lives: Buildings-150% declining balance; 25 years. Equipment-Straight line; 10 years. 317,914 316,500 99,325 107,000 Automobiles and trucks-200% declining balance; 5 years, all acquired after 2020. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2024 and other information: a. On January 6, 2024, a plant facility consisting of land and building was acquired from King Corporation in exchange for 24,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $40 a share. Current assessed values of land and building for property tax purposes are $148,000 and $592,000, respectively. b. On March 25, 2024, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $186,000. These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31, 2020, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2026, was renewable for an additional four-year term. On April 30, 2024, Cord exercised the renewal option. d. On July 1, 2024, equipment was purchased at a total invoice cost of $324,000. Additional costs of $12,000 for delivery and $49,000 for installation were incurred. e. On September 30, 2024, Cord purchased a new automobile for $12,400. 1. On September 30, 2024, a truck with a cost of $23,900 and a book value of $9,000 on date of sale was sold for $11,400. Depreciation for the nine months ended September 30, 2024, was $2,025. g. On December 20, 2024, equipment with a cost of $16,500 and a book value of $2,950 at date of disposition was scrapped without cash recovery. Required:
Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2024. Do not analyze changes in accumulated depreciation and amortization. 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2024. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2024. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. CORD COMPANY Depreciation and Amortization Expense For the Year Ending December 31, 2024 Land Improvements Buildings Equipment Automobiles and trucks Leasehold improvements Total depreciation and amortization expense for 2024 $ 11,625 $ < Required 1 1625 Required 2
Transcribed Image Text:Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2024. Do not analyze changes in accumulated depreciation and amortization. 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2024. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2024. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. CORD COMPANY Depreciation and Amortization Expense For the Year Ending December 31, 2024 Land Improvements Buildings Equipment Automobiles and trucks Leasehold improvements Total depreciation and amortization expense for 2024 $ 11,625 $ < Required 1 1625 Required 2
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