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The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2016. 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.):

Depreciation is computed from the first of the month of acquisition to the first of the month of disposition.

Land A and Building A were acquired from a predecessor corporation. Thompson paid $792,500 for the land and building together. At the time of acquisition, the land had a fair value of $70,400 and the building had a fair value of $809,600.

Land B was acquired on October 2, 2016, in exchange for 2,800 newly issued shares of Thompsons common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $23 per share. During October 2016, Thompson paid $10,200 to demolish an existing building on this land so it could construct a new building.

Construction of Building B on the newly acquired land began on October 1, 2017. By September 30, 2018, Thompson had paid $190,000 of the estimated total construction costs of $280,000. Estimated completion and occupancy are July 2019.

Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $15,200 and the residual value at $1,800.

Machine As total cost of $116,000 includes installation charges of $550 and normal repairs and maintenance of $13,000. Residual value is estimated at $5,800. Machine A was sold on February 1, 2018.

On October 1, 2017, Machine B was acquired with a down payment of $4,000 and the remaining payments to be made in 10 annual installments of $4,000 each beginning October 1, 2018. The prevailing interest rate was 7%. Required: Supply the correct amount for each answer box on the schedule. (Round your final answers to nearest whole dollar.)

approprlate factor(s) from the tables provided.) a. Depreclation is computed from the first of the month of acquisition to the first of the month of disposition. nts b. Land A and Bullding A were acquired from a predecessor corporation. Thompson paid $792,500 for the land and bullding together c. Land B was acqulred on October 2, 2016, In exchange for 2,800 newly issued shares of Thompson's common stock. At the date of d. Construction of Bullding B on the newly acquired land began on October 1, 2017. By September 30, 2018, Thompson had pald e. Certain equipment was donated to the corporation by the city. An Independent appralsal of the equipment when donated placed f. Machine A's total cost of $116,000 Includes Installation charges of $550 and normal repairs and malntenance of $13,000. Residual g. On October 1, 2017, Machine B was acquired with a down payment of $4,000 and the remalning payments to be made In 10 annual At the time of acquisition, the land had a fair value of $70,400 and the bullding had a fair value of $809,600. acquisition, the stock had a par value of $5 per share and a falr value of $23 per share. During October 2016, Thompson pald $10,200 to demolish an existing bullding on this land so it could construct a new bullding $190,000 of the estimated total construction costs of $280,000. Estimated completion and occupancy are July 2019. the falr value at $15,200 and the residual value at $1,800 value is estimated at $5,800. Machine A was sold on February 1, 2018 installments of $4,000 each beginning October 1, 2018. The prevailing interest rate was 7%. eBook Print eferences Required: Supply the correct amount for each answer box on the schedule. (Round your final answers to nearest whole dollar.) THOMPSON CORPORATION Fixed Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2017, and September 30, 2018 Acquisition Date Depreciation Method Estimated Life in Years Depreciation for Year Ended 9/30 Assets Cost Residual 2017 10/1/16 10/1/16 10/2/16 Under construction 190,000 to date N/A N/A SL NIA SL 1,800| 150% Declining balance 5,800 Sum-of-the years'-digits SL NIA 481 $14,000 $ 14,000 NIA NIA Land A Building A Land B Building B Donated Equipment 10/2/16 Machine A Machine B 63.400 NIA 729,100 $57,100 NIA 74,600 NIA NIA 30 1,938 15,200| 103,000 5,8 10 2,280 10/2116 32,094 15 2.140

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