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Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

6) Property and Equipment

 

Property and equipment is summarized below:

   2022   2021 
   December 31 
   2022   2021 
Land and buildings  $16,545,799   $16,532,593 
Furniture and equipment   17,567,906    24,799,115 
Property, plant and equipment, gross   34,113,705    41,331,708 
Less accumulated depreciation   (13,534,056)   (19,814,110)
Total  $20,579,649   $21,517,598 

 

Depreciation expense for the years ended December 31, 2022 and 2021 was $2,496,906 and $1,935,613, respectively. Property and equipment are stated at cost and are depreciated over their estimated useful lives, primarily using the straight-line method. 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. 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, 2022 and 2021