Financial Accounting Computing Depreciation Expenses Homework Help
- November 30, 2017
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- Category: Accounting QA
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1. Lockhard Company purchased machinery on January 1, 2012, for $80,400. The machinery is estimated to have a salvage value of $8,040 after a useful life of 8 years.
a. Compute 2012 depreciation expense using the double-declining balance method.
b. Compute 2012 depreciation expense using the double-declining balance method assuming the machinery was purchased on October 1, 2012.(Round answer to 0 decimal places, i.e. 2,250.)
2. Jurassic Company owns machinery that cost $1,054,800 and has accumulated depreciation of $421,920. The expected future net cash flows from the use of the asset are expected to be $586,000. The fair value of the equipment is $468,800. Prepare the journal entry, if any, to record the impairment loss.
3. verly Corporation acquires a coal mine at a cost of $539,200. Intangible development costs total $134,800. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $107,840), after which it can be sold for $215,680. Everly estimates that 5,392 tons of coal can be extracted. If 944 tons are extracted the first year, prepare the journal entry to record depletion.
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4. Francis Corporation purchased an asset at a cost of $48,500 on March 1, 2012. The asset has a useful life of 8 years and a salvage value of $4,850. For tax purposes, the MACRS class life is 5 years. Compute tax depreciation for each year 2012 2017. (Round answers to 0 decimal places.)
5. Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2012, for $56,170. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10 years. Prepare Celine Dion’s journal entries to record the purchase of the patent and 2012 amortization.
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