6) Property and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

6) Property and Equipment

6)        Property and Equipment

The cost of property and equipment is summarized below:

	December 31
	2020	2019
Land and buildings	$        11,972,802	$        15,131,301
Furniture and equipment	19,679,682	18,987,984
	31,652,484	34,119,285
Less accumulated depreciation	(19,179,139)	(19,518,891)
Total	$        12,473,345	$        14,600,394

Depreciation expense for the years ended December 31, 2020 and 2019 was $2,078,738 and $1,711,369, respectively. 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. During 2019, the Company transferred $3,261,259 from real estate held for investment to property and equipment. The transfers are shown as a non cash items on the consolidated statements of cash flows. See Note 20 for additional information regarding property and equipment acquired through acquisitions.