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Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

6) Property and Equipment

 

Property and equipment is summarized below:

 

   2023   2022 
   December 31, 
   2023   2022 
Land and buildings  $16,567,819   $16,545,799 
Furniture and equipment   16,315,061    17,567,906 
Property and equipment, gross   32,882,880    34,113,705 
Less accumulated depreciation   (13,707,781)   (13,534,056)
Total  $19,175,099   $20,579,649 

 

Depreciation expense for 2023 and 2022 was $2,351,661 and $2,496,906, respectively. Property and equipment are stated at cost and are depreciated over their estimated useful lives, primarily using the straight-line method. The Company recognized an impairment loss of $122,229 in 2023 on a property held by the life segment. This property is listed for sale and currently under contract. Impairment losses are included in gains (losses) on the consolidated statements of earnings.

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2023 and 2022