ACC 305 Week 5 P11-5, P11-7

May 1st, 2015
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ACC 305 Week 5 P11-5, P11-7

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P11-5 on page 608 and P11-7 on page 610P11-5 on page 608 - Thompson Corporation - Property, plant, and equipment and intangible assets; comprehensive LO2The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2009. 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 companys records and personnel: 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 $812,500 for the land and building together. At the time of acquisition, the land had a fair value of $72,000 and the building had a fair value of $828,000.c.Land B was acquired on October 2, 2009, in exchange for 3,000 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 $25 per share. During October 2009, Thompson paid $10,400 to demolish an existing building on this land so it could con- struct a new building.d. Construction of Building B on the newly acquired land began on October 1, 2010. By September 30, 2011, Thompson had paid $210,000 of the estimated total construction costs of $300,000. Estimated c

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