Problem 11-2 (Algo) Comprehensive problem; Chapter 10 and 11 [LO11-2, 11-4] Accumulated Depreciationand Amortization.CategoryLand$Land improvementsBuildings337,900Equipment326,500109,325Automobiles and trucksLeasehold improvements117,000Depreciation methods and useful lives:Buildings-150% declining balance; 25 years.Equipment-Straight line; 10 years.Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017.Leasehold improvements-Straight line.Land improvements-Straight line.Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2021 and other information:a. On January 6, 2021, a plant facility consisting of land and building was acquired from King Corp. in exchange for 34,000 shares ofCord's common stock. On this date, Cord's stock had a fair value of $50 a share. Current assessed values of land and building forproperty tax purposes are $210,000 and $630,000, respectively.b. On March 25, 2021, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of$246,000. These expenditures had an estimated useful life of 12 years.c. The leasehold improvements were completed on December 31, 2017, and had an estimated useful life of eight years. The relatedlease, which would terminate on December 31, 2023, was renewable for an additional four-year term. On April 30, 2021, Cordexercised the renewal option.d. On July 1, 2021, equipment was purchased at a total invoice cost of $334,000. Additional costs of $10,000 for delivery and $59,000for installation were incurred.e. On September 30, 2021, Cord purchased a new automobile for $13,400.f. On September 30, 2021, a truck with a cost of $24,900 and a book value of $10,800 on date of sale was sold for $12,400.Depreciation for the nine months ended September 30, 2021, was $2,430.g. On December 20, 2021, equipment with a cost of $21,500 and a book value of $3,200 at date of disposition was scrapped withoutcash recovery.Plant Asset$ 184,0001,950,0001,575,000181,000234,000 Required:1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes in accumulateddepreciation and amortization.2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2021.Answer is not complete.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes inaccumulated depreciation and amortization.CORD COMPANYAnalysis of Changes in Plant AssetsFor the Year Ending December 31, 2021BalanceBalance12/31/2020Increase12/31/2021Land$ 184,000Land improvements0Buildings1,950,000Equipment1,575,000Automobiles and trucks.181,000Leasehold improvements234,000$4,124,000$0$345,232 X199,000 X965,433 X$ 1,509,665 $Decrease0

Here discuss about the sales and purchases of plant assets and its calculation of depreciation…

Accumulated Depreciation and Amortization Category Land $ - Land improvements Buildings 337,900 Equipment 326,500 Automobiles and trucks 109,325 Leasehold improvements 117,000 Depreciation methods and useful lives: Buildings-150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements-Straight line. Land improvements-Straight line. Plant Asset $ 184,000 1,950,000 1,575,000 181,000 234,000

Accumulated Depreciation and Amortization Category Land $ - Land improvements Buildings 337,900 Equipment 326,500 Automobiles and trucks 109,325 Leasehold improvements 117,000 Depreciation methods and useful lives: Buildings-150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements-Straight line. Land improvements-Straight line. Plant Asset $ 184,000 1,950,000 1,575,000 181,000 234,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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