Question

Return to question 8 rporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of ted the fixed-asset and depreciation schedule presented below. You have been asked to assist in completing this on to ascertaining that the data already on the schedule are correct, you have obtained the following information s records and personnel: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use (s) from the tables provided.) 0.66 points computed from the first of the month of acquisition to the first of the month of disposition. ding A were acquired from a predecessor corporation. Thompson paid $832,500 for the land and building together. -quisition, the land had a fair value of $110,400 and the building had a fair value of $809,600. uired on October 2, 2019, in exchange for 3,200 newly issued shares of Thompson's common stock. At the date of stock had a par value of $5 per share and a fair value of $27 per share. During October 2019, Thompson paid olish an existing building on this land so it could construct a new building. Building B on the newly acquired land began on October 1, 2020. By September 30, 2021, Thompson had paid estimated total construction costs of $320,000. Estimated completion and occupancy are July 2022. ent was donated to the corporation by the city. An independent appraisal of the equipment when donated placed $16,800 and the residual value at $2,200. otal cost of $112,000 includes installation charges of $570 and normal repairs and maintenance of $13,000. Residual ed at $4,500. Equipment A was sold on February 1, 2021. 020, Equipment B was acquired with a down payment of $4,200 and the remaining payments to be made in 10 ints of $4,200 each beginning October 1, 2021. The prevailing interest rate was 7%. amount for each answer box on the schedule. (Round your intermediate calculations and final answers to the lar.)

Answer 1

Thompson Corporation Fixed Asset and Depreciation Schedule For Fiscal Years ended September 30,2020, and September 30, 2021
Asset	Acquisition Date	Cost	Residual Value	Depreciation Method	Estimated Life in Years	Depreciation for Year Ended 9/30
						2020	2021
Land A	10/1/2019	99,900	N/A	N/A	N/A	N/A	N/A
Building A	10/1/2019	732,600	51,000	Straight line	48	14,200	14,200
Land B	10/2/2019	97,000	N/A	N/A	N/A	N/A	N/A
Building B	Under Construction	320,000 to date	-	Straight line	30	-	0
Donated Equipment	10/2/2019	16,800	2,200	200 % Declining Balance	10	3,360	2,688
Equipment A	10/2/2019	99,000	4,500	Sum-of-the-years-digits	9	18,900	5,600
Equipment B	10/1/2020	33,700	-	Straight line	15	-	2,247