Question

I am requesting assistance with this problem. I have submitted this problem numerous times and no one has been able to answer it. Can someone please help me and give an explanation for the correct answer as soon as possible? Thanks  

The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Thompson has started the fixed-asset and depreciation schedule presented below. You have been asked to assist in completing this schedule. In addition to ascertaining that the data already on the schedule are correct, you have obtained the following information from the company's records and personnel: (FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) a. Depreciation is computed from the first of the month of acquisition to the first of the month of disposition. b. Land A and Building A were acquired from a predecessor corporation. Thompson paid $852,500 for the land and building together. At the time of acquisition, the land had a fair value of $94,000 and the building had a fair value of $846,000. c. Land B was acquired on October 2, 2019, in exchange for 3,400 newly issued shares of Thompson's common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $29 per share. During October 2019, Thompson paid $10,800 to demolish an existing building on this land so it could construct a new building. d. Construction of Building B on the newly acquired land began on October 1, 2020. By September 30, 2021, Thompson had paid $250,000 of the estimated total construction costs of $340,000. Estimated completion and occupancy are July 2022. e. Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $17,600 and the residual value at $2,400. f. Equipment A's total cost of $111,000 includes installation charges of $590 and normal repairs and maintenance of $16,000. Residual value is estimated at $4,800. Equipment A was sold on February 1, 2021. g. On October 1, 2020, Equipment B was acquired with a down payment of $4,400 and the remaining payments to be made in 10 annual installments of $4,400 each beginning October 1, 2021. The prevailing interest rate was 9%. Required: Supply the correct amount for each answer box on the schedule. (Round your intermediate calculations and final answers to the nearest whole dollar.)

Answer 1

						Deprecaition for the year ended 9/30
Assets	Acquisition date	Cost	Residual	Depreciation method	Estimated Life in Years	2020	2021
Land A	oct 1 2019	$              85,250
Building A	oct 1 2019	$           7,67,250	$      61,650	Straight Line Method	49	$ 14,400.00	$ 14,400.00
Land B	Oct 2 2019	$              98,600	NA	Not Applicable	N.A	N.A	N.A
Building B	Under Construction	250000 to date	$               -	Straight Line Method	30	$               -	$               -
Donated Equipment	Oct 2 2019	$              17,600	$         2,400	200% Declining balance Method	10	$   3,520.00	$   2,816.00
Equipment A	Oct 2 2019	$              95,000	$         4,800	Sum of years Digit method	10	$ 16,400.00	$   4,920.00
Equipment B	Oct 1 2020	$              32,637	$               -	Straight Line Method	15	$               -	$   2,175.80