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Property and Equipment
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

6) Property and Equipment

 

Property and equipment is summarized below:

 

   2021   2020 
   December 31 
   2021   2020 
Land and buildings  $16,532,593   $11,972,802 
Furniture and equipment   24,799,115    19,679,682 
Property, Plant and Equipment, Gross   41,331,708    31,652,484 
Less accumulated depreciation   (19,814,110)   (19,179,139)
Total  $21,517,598   $12,473,345 

 

Depreciation expense for the years ended December 31, 2021 and 2020 was $1,935,613 and $2,078,738, respectively. During 2021, the Company reclassified a building with a gross building cost of $3,640,755 with its associated accumulated depreciation of $532,074 from property and equipment to real estate held for investment. During 2020, the Company demolished a building with a gross building cost of $1,723,000 with its associated accumulated depreciation (net book value of $-0-) and transferred land with a cost of $1,516,700 to real estate held for investment to make way for phase 2 of the redevelopment and expansion of Center53. See Note 20 for additional information regarding property and equipment acquired through acquisitions.

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2021 and 2020