Please help with the two blank answers. At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows:Accumulated DepreciationPlant AssetCategoryLandLand improvenentsBuildingsEquionentAutonobiles and trucksLeasehold inprovenentsand AnortizationS 12,0001,850,0001,475,000179,000230,000335, 100324, 500107,325115,000Deprecietion methods end useful lives:Buildings-150% declining balance; 25 years.Equipment-Straight line: 10 years.Automobiles and trucks-200% declining balance: 5 yeors, all acquired after 2017.Leosehold improvements-Straight line.Land improvements-Straight line.Deprecietion is compuned to the nearest month and residual values are immeterial. 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 32,000 shares ofCord's common stock. On this date, Cord's stock had a fair value of $60 a share. Current ossessed values of land and bullding forproperty tax purposes are $246,000 and $574,000, respectively.b. On March 25, 2021, new parking lots, streets, and sidewalks at the acquired plant facility were completed ot a total cost of$234,000. These expenditures had an estimated useful life of 12 years.e The leasehold improvements were completed on December 31, 2017, and had an estimated useful Ife 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 ot a total invoice cost of $332.000. Additional costs of $11,000 for delivery and $57,000for installetion were incurred.e. On Seotember 30. 2021. Cord ourchesed a new automobile for $13.200. e. On September 30. 2021, Cord purchased o new automobile for $13.200.1. On September 30, 2021, a truck with a cost of $24,700 and a book value of $10,400 on dese of sale was sold for $12,200.Depreciation for the nine months ended September 30, 2021, was $2.340.On December 20. 2021 equipment with a cost of $20.500 and a book velue of $350 at dete of disposition wes scrapped withoutcash recovery.Required:1. Prepere a schedule analyzing the changes in each of the plant asset eccounts during 2021. Do not analyze changes in eccumulateddepreciation and amortization.2. For eoch asset cotegory, prepare a schedule showing depreciotion or amortization expense for the year ended December 31, 2021.Complete this question by entering your answers in the tabs below.Required 1Required 2For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31,2021. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)CORD COMPANYDepreciation and Amortization ExpenseFor the Year Endingcember 31, 2021Land improvementsBuldngsEquipmentAutomobiles and trucks14.625171,406167.500Leasehold improvements

Analyzing the changes in each of plant assets during the years is as follows: Resulting table:

At December 31, 2020, Cord Company's plent esset end eccumulated deprecietion end emontizetion accounts had belances es follows: Accntated Depreciation nd Aortiation Category La Land provenents Plant Asset S 12,00 tolaent Autoneles and trucks 1,0, 0 1,4,00 335, 4, S Lensehele inprovenents 115, Deprecietion methods end useful ives: Buldings-15O% declining belence, 25 years. Automobles end trucks-200s decining belance. 5 years, all ecquired eter 2017. Lesehold improvements-Straight line. Land improvements-Straight ine Deprecietion is compuned to te nearest month and residual velues ere immeterial. Transactions during 2021 and other informetion . On Jenuary 6, 2021, e pient fecity consisting of land end bulding wes ecquired from King Corp. in exchange for 32.000 shares of Cord's common stock. On this dete. Cord's stock had a fair value of S60 a share. Cument assessed values of land and bulding for property tax purposes are $246.000 and $574,000, respectively b. On Merch 25. 2021, new parking lots, streets, and sidewalks et the acquired plant fecity were completed et a total cost of $234.000. These expenditures had an estimated usefu fe of 12 years e The leasehold improvements were completed on December 31, 2017, and hed an estimated useful ife of eight years. The related leese, which would terminete on December 31, 2023, was renewable for an edditional fouryeer term. On April 30, 2021, Cord esercised the renewel option. a. On July 1. 2021, equipment was purchased et a total invoice cost of $332.000. Addtional costs of S000 for delivery and $57.000 for installetion were incumed.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q