please answer with all work like explanation , computation, formula with steps need correct and complete answer for better understanding please answer in text no AI no handwritten no image need accurate answer need answer in text no copy from other answer show explain with reason and calculation clearly please no copy paste from other answer answer in text answer both parts At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows:Accumulated Depreciationand AmortizationCategoryLandLand improvementsBuildingsEquipmentAutomobiles and trucksLeasehold improvementsPlant Asset$ 185,0002,000,0001,625,000182,000236,000Depreciation methods and useful lives:Buildings-150% declining balance; 25 years.Equipment Straight line; 10 years.$-1-438,502327,500110,325118,000Automobiles 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 35,000shares of Cord's common stock. On this date, Cord's stock had a fair value of $60 a share. Current assessed values of land andbuilding for property tax purposes are $255,000 and $595,000, respectively.b. On March 25, 2024, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of$252,000. 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 relatedlease, which would terminate on December 31, 2026, was renewable for an additional four-year term. On April 30, 2024, Cordexercised the renewal option.d. On July 1, 2024, equipment was purchased at a total invoice cost of $335,000. Additional costs of $11,000 for delivery and $60,000for installation were incurred.e. On September 30, 2024, Cord purchased a new automobile for $13,500.f. On September 30, 2024, a truck with a cost of $25,000 and a book value of $11,000 on date of sale was sold for $12,500.Depreciation for the nine months ended September 30, 2024, was $2,475.g. On December 20, 2024, equipment with a cost of $22,000 and a book value of $3,225 at date of disposition was scrapped withoutcash recovery.Required:1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2024. Do not analyze changes inaccumulated depreciation and amortization.2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31,2024.Required 1 Required 2Prepare a schedule analyzing the changes in each of the plant asset accounts during 2024. Do not analyze changes inaccumulated depreciation and amortization.LandLand improvementsBuildingsEquipmentAutomobiles and trucksLeasehold improvementsCORD COMPANYAnalysis of Changes in Plant AssetsFor the Year Ending December 31, 2024Balance12/31/2023Increase$ 185,00002,000,0001,625,000182,000236,000$ 4,228,000DecreaseBalance12/31/2024

Name: please answer with all work like explanation , computation, formula w
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: please answer with all work like explanation , computation, formula with steps need correct and complete answer for better understanding please answer in text no AI no handwritten no image need accurate answer need answer in text no copy from other