Reference no: EM132922114
Question 1 - Sheffield Corp. purchased a machine on July 1, 2020, for $31,015. Sheffield paid $290 in title fees and a legal fee of $125 related to the machine. In addition, Sheffield paid $520 in shipping charges for delivery, and $450 to a local contractor to build and wire a platform for the machine on the plant floor. The machine has an estimated useful life of 10 years, a total expected life of 12 years, a residual value of $6,000, and no salvage value. Sheffield uses straight-line depreciation.
Calculate the 2020 depreciation expense if Sheffield prepares financial statements in accordance with IFRS.
Calculate the 2020 depreciation expense if Sheffield prepares financial statements in accordance with ASPE.
Question 2 - At the beginning of 2020, Carla Vista Company, a small private company, acquired a mine for $1,735,000. Of this amount, $170,000was allocated to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists found that approximately 12 million units of ore appear to be in the mine. Carla Vista had $180,000 of development costs for this mine before any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the minerals have been removed was $55,000. During 2020, 3.0 million units of ore were extracted and 2.20 million of these units were sold.
Calculate the depletion cost per unit for 2020.
Prepare the required journal entry, if any, for the total amount of depletion for 2020.
Prepare the required journal entry, if any, for the total amount that is charged as an expense for 2020 for the cost of minerals sold during 2020.
|
Explain dashboard-characterization-descriptive data mining
: Explain Dashboard, Characterization and descriptive data mining, Graphical OLAP, Predictive modeling, Clustering and outlier analysis
|
|
Design or re-design projects use the dmadv methodology
: Design or re-design projects use the DMADV methodology. Such projects can be undertaken for large or small initiatives, but because they require a fair
|
|
Compare and summarise the market approach
: Compare and summarise the Market approach to safety with one of either Contract approach, due care approach, or social cost approach to safety.
|
|
Application to doctoral program
: How does your current vocation relate to your application to the doctoral program?
|
|
Prepare the required journal entry
: Prepare the required journal entry, if any, for the total amount that is charged as an expense for 2020 for the cost of minerals sold during 2020
|
|
United states puts tariffs on imports
: When the United States puts tariffs on imports, who do you think ultimately pays these tariffs?
|
|
Describe areas of business functions
: Identify two (2) areas of business-or business functions-(based on key concepts within at least one chapter of the course text) that interest you enough to poss
|
|
Compute the amount of net realizable value
: Accordingly, SPL in the following week, spent a total of Rs.500,000 for repairing. Compute the amount of net realizable value
|
|
Explain how the concepts of probability theory
: Explain how the concepts of probability theory can give rise to puzzle and paradox
|