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Clary Jensen Farms purchased power equipment with an expecteduseful life of four years or 1,000 hours of usage. The equipment was purchased on January 1,2007, for $125,000. It is expected to have a salvage value of $5,000 at the end of fouryears. During 2007, the equipment was used for 260 hours.Assume that usage for the next threeyears will be 220 hours, 313 hours, and 207 hours, respectively.
Required:
A. Prepare a depreciation schedule for the asset showing thebook value and depreciation expense on the asset each year using the straight-line,double-declining-balance, and units-of-production methods.
B. Which method would you prefer to use for financial reportingpurposes if you were general manager of the company? Which method would you prefer to use fortax purposes? Explain.
C. Which method has the greatest effect on cash flow each year?Why?
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how much would this action save Antonella in today's tax dollars? If Antonella's tax rate increased to 32% next year, would receiving the bonus in January still be advantageous?
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Expenses paid during 2008 were $80,000. Expenses paid in advance were $4,000 as at December 31, 2007, and the balance of expenses paid in advance was $8,000 as at December 31, 2008.
The company requires a minimum pretax return of 15% on all investment projects. The net present value of the proposed project is closest to:
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Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
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