Questions
The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting...

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.)

  1. Depreciation is computed from the first of the month of acquisition to the first of the month of disposition.
  2. Land A and Building A were acquired from a predecessor corporation. Thompson paid $892,500 for the land and building together. At the time of acquisition, the land had a fair value of $117,600 and the building had a fair value of $862,400.
  3. Land B was acquired on October 2, 2019, in exchange for 3,800 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 $33 per share. During October 2019, Thompson paid $11,200 to demolish an existing building on this land so it could construct a new building.
  4. Construction of Building B on the newly acquired land began on October 1, 2020. By September 30, 2021, Thompson had paid $290,000 of the estimated total construction costs of $380,000. Estimated completion and occupancy are July 2022.
  5. Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $19,200 and the residual value at $2,800.
  6. Equipment A’s total cost of $101,000 includes installation charges of $630 and normal repairs and maintenance of $12,700. Residual value is estimated at $4,600. Equipment A was sold on February 1, 2021.
  7. On October 1, 2020, Equipment B was acquired with a down payment of $4,800 and the remaining payments to be made in 10 annual installments of $4,800 each beginning October 1, 2021. The prevailing interest rate was 7%.


Required:
Supply the correct amount for each answer box on the schedule. (Round your intermediate calculations and final answers to the nearest whole dollar.)

THOMPSON CORPORATION

Fixed Asset and Depreciation Schedule

For Fiscal Years Ended September 30, 2020, and September 30, 2021

Assets

Acquisition Date

Cost

Residual

Depreciation Method

Estimated Life in Years

Depreciation for Year Ended 9/30

2020

2021

Land A

10/1/2019

N/A

not applicable

N/A

N/A

N/A

Building A

10/1/2019

$75,000

Straight-line

$14,800

Land B

10/2/2019

N/A

not applicable

N/A

N/A

N/A

Building B

Under construction

290,000 to date

—

Straight-line

30

—

Donated Equipment

10/2/2019

2,800

200% Declining balance

10

Equipment A

10/2/2019

4,600

Sum-of-the years’-digits

8

Equipment B

10/1/2020

—

Straight-line

15

—

In: Accounting

  Which type of technology has been proven to work, but they offer an advantage because...

 
Which type of technology has been proven to work, but they offer an advantage because not all companies knows about them or uses them?
 
Pacing
Emerging 
Key
Base
Elevated
 
 
This type of technology has not yet proven their worth in the marketplace, but they have the potential to change the rules of competition.
 
pacing 
base
large-batch
emerging
key

In: Other

In your own words, describe how human judgement and information technology effect transaction processing. Be sure...

In your own words, describe how human judgement and information technology effect transaction processing. Be sure to use specific examples (documents or procedures could be examples) of how human judgement effects the process; how information technology effects the process and if possible how they work together. Your post should contain at least 8 sentences.

In: Operations Management

Advances in technology have been made to make household work easier. If this is true, explain...

Advances in technology have been made to make household work easier. If this is true, explain why time spent in household production over the past 50 years has not drastically declined. Why was there such a difference over the past 100 years? Be sure to discuss all the effects that might contribute to the lack of responsiveness of household production time to technology.

In: Economics

mobile healthcare applications An overview of the practice environment where mobile healthcare applications will be implementing...

mobile healthcare applications

  • An overview of the practice environment where mobile healthcare applications will be implementing this technology
  • A description of the stakeholders who could give input into this project
  • An explanation of how you would introduce this technology, utilizing change theory as a framework for implementation.
    • Describe your chosen change theory
    • Explain how it will guide your implementation

In: Nursing

Of the three pizza-making technologies discussed in relation to the production function, the human technology (i.e.,...

Of the three pizza-making technologies discussed in relation to the production function, the human technology (i.e., Pali the Pizza-maker) appeared to be the least efficient in terms of total factor productivity (TFP) and the frozen pizza production technology appeared to most efficient in terms of TFP. Identify a limitation of using TFP as a measure of evaluating alternative production processes.

In: Economics

Of the three pizza-making technologies discussed in relation to the production function, the human technology (i.e.,...

Of the three pizza-making technologies discussed in relation to the production function, the human technology (i.e., Pali the Pizza- maker) appeared to be the least efficient in terms of total factor productivity (TFP) and the frozen pizza production technology appeared to most efficient in terms of TFP. Identify a limitation of using TFP as a measure for evaluating alternative production processes.

In: Economics

companies are adopting or planning to adopt blockchain technology. Since we want to focus on corporate...

companies are adopting or planning to adopt blockchain technology. Since we want to focus on corporate applications, please select a non-cryptocurrency topic.

prompt:
A summary of the specific application of blockchain you selected. A discussion of the types of companies and/or industries that will benefit from this application.
An analysis of whether or not this application of blockchain technology will be successful.

minimum 450 words

In: Accounting

The primary difference between the neoclassical growth model and endogenous growth models is that A. the...

The primary difference between the neoclassical growth model and endogenous growth models is that

A. the neoclassical growth model assumes that technology is exogenous.

B. all of the above

C. changes in savings rates can affect growth in the long-run in endogenous growth models.

D. endogenous growth models attempt to explain movements in technology within the model.

In: Economics

companies are adopting or planning to adopt blockchain technology. Since we want to focus on corporate...

companies are adopting or planning to adopt blockchain technology. Since we want to focus on corporate applications, please select a non-cryptocurrency topic.

Prompt:

A summary of the specific application of blockchain you selected. A discussion of the types of companies and/or industries that will benefit from this application. An analysis of whether or not this application of blockchain technology will be successful. Minimum 450 words

In: Finance