Reference no: EM132494959
Questions -
Q1. Bowie Company uses a calendar year and the straight line depreciation method. On December 31, 2018, after adjusting entries were posted, Bowie Company sold a machine which was originally purchased on January 1, 2015. The historical cost was $24,500, the salvage value assumed was $1,000 and the original estimated life was five years. It was sold for $6,000 cash. Using this information, how much should be recorded on December 31 for the Gain or (Loss)? Round to whole dollars.
Q2. Frederick Mining Company owns a large parcel of land which costs $950,000. It is estimated to contain 1,500,000 tons of recoverable ore. It is estimated that the recovery of the ore will take 10 years and that after the ore is fully depleted the land will be sold for a market value of $200,000. In 2018, Frederick extracted and sold 105,000 tons of ore. What is the amount of depletion that should be recorded? Round total the nearest whole dollar.
Q3. On January 2, 2019, Adelphi Company purchased a patent for $210,000 plus $9,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Adelphi Company expects to use the patent for 5 years after which time it will be worthless. How much is the annual amortization expense for 2019? Round to nearest whole dollar.
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What must the coupon rate be on bonds
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Determine if cavendish should proceed with investment
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Prepare the journal entry when job was completed
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What irr will burger master realize on its investment
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How much should be recorded on December
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What amount can be awarded on each anniversary
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How much should be recorded as the cost of the land
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How much will markus accumulate after 20 years
: Markus spends $60 per month on cigarettes. Suppose he quits smoking and invests the same amount at the end of each month for 20 years
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How much is the depreciation expense
: Using the double-declining balance method, how much is the 2019 depreciation expense? Hint: what is the year 2 depreciation amount
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