The Thompson Corporation, a manufacturer of steel products,began operations on October 1, 2019. The accounting department ofThompson has started the fixed-asset and depreciation schedulepresented below. You have been asked to assist in completing thisschedule. In addition to ascertaining that the data already on theschedule are correct, you have obtained the following informationfrom 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) (Useappropriate factor(s) from the tables provided.)
Required:Supply the correct amount for each answer box on theschedule. (Round your intermediate calculations andfinal answers to the nearest whole dollar.)
The Thompson Corporation A Manufacturer Of Steel Products Began Operations On October 1 2019 The Accounting Departme 1 (25.99 KiB) Viewed 12 times
Assets Land A Building A Land B Building B Donated Equipment Equipment A Equipment B THOMPSON CORPORATION Fixed Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2020, and September 30, 2021 Acquisition Date 10/1/2019 10/1/2019 10/2/2019 Under construction 10/2/2019 10/2/2019 10/1/2020 Cost 110,000 to date Residual N/A $ 42,000 N/A 1,000 6,300 Depreciation Method not applicable Straight-line not applicable Straight-line 200% Declining balance Sum-of-the years'-digits Straight-line Estimated Life in Years N/A N/A 30 10 10 15 Depreciation for Year Ended 9/30 2020 N/A $ 13,000 N/A 2021 N/A N/A
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!