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On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $40,000 with a residual value of $5,000.
a. Prepare a complete depreciation table under the three depreciation methods listed below. Use formats similar to the illustrations of the straight-line depreciation schedule, 200% declining-balance depreciation schedule, and 150% declining-balance depreciation schedule. In each case, assume that a full year of depreciation was taken in 2011.
1. Straight-line.2. 200 percent declining-balance.3. 150 percent declining-balance with a switch to straight-line when it will maximize depreciation expense.
b. Comment on significant differences or similarities that you observe among the patterns of depreciation expense recognized under each of these methods.
On January 1, 2006, Solomon Company purchased the following two machines for use in its production process. The journal entry to record its purchase on January 1, 2006.
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DNA Corporation issued $4,000,000 in 8 percent, 10-year bonds on February 1, 2010, at 115. Semiannual interest payment dates are January 31 and July 31. Use the straight-line method and ignore year-end accruals.
William Stevenson sold his warehouse to a public utility for $24,000 under a threat of condemnation. He paid $25000 for the property and spent an addition $1000 for a new roof. He had claimed $3600 depreciation in conjunction with the condemnation..
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Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)
Which of the following statements is correct concerning variable and fixed costs?
Find the future value of $10,000 invested now after five years if annual interest rate is 8 percent.
The cost of meals and lodging while on vacation was $300 and $500, correspondingly. Find how much may Harry deduct as travel expenses for trip?
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