Write down all the step please. Selfridge and Company, Inc. reported the followi

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Write down all the step please.

Selfridge and Company, Inc. reported the following related to its December 31, 2014 balance sheet Land, acquired January 1, 2013 Buildings, acquired January 1, 2013 Equipment, acquired January 1, 2013 Trucks, acquired March 1, 2013 80,000 200,000 300,000 140,000 Buildings are depreciated using a 40 year life, the straight-line method, and no residual value Equipment is depreciated using a 7 year life, the sum-of-the-years-digits method, and a residual value of 10% of the equipment's initial cost. Trucks are depreciated using a 5 year life, the double-declining balance method, and a residual value of 20% of the trucks initial cost. Early in 2015, Selfridge and Company, Inc. purchased a parcel of land with a building for $400,000. The closing statement indicated the land value was $330,000 and the building value was $70,000. In addition, to acquire the land, Selfridge and Company paid a $16,000 commission to a real estate agent and title insurance of $3,000 Shortly after acquisition, the building was demolished at a cost of $21,000. $14,000 was generated from the sale of salvaged materials. Selfridge and Company, Inc. plans to hold this parcel of land for resale On April 1, 2015, Selfridge and Company began construction of a new building on land that it has owned since 2013. Architectural plans were formalized on April 1, when the architect was paid $15,000. Excavation work began during the first week in April with payments made to the contractor as follows Date of Payment April 30, 2015 October 1, 2015 January 1, 2016 Amount of 60,000 100,000 150,000 Construction was completed on January 31, 2016 and the building was first occupied on that same day Selfridge and Company, Inc. had no new borrowings directly associated with the new building but had the following debt outstanding 10%, 5-year note payable of $1,000,000, dated January 1, 2013, with interest payable annually on January 1. 596, 10-year bond issue of $1,000,000, sold at par on December 31, 2014, with interest payable annually on December 31 On January 1, 2016, management became concerned that, due to changes in technology, the equipment may be impaired. Estimated future cash flows associated with the equipment are $150,000 and its estimated fair value is $90,000

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