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Mann, Inc., which owes Doran Co. $600,000 in notes payable with accrued interest of $54,000, is in financial difficulty. To settle the debt, Doran agrees to accept from Mann equipment with a fair value of $570,000, an original cost of $840,000, and accumulated depreciation of $195,000.
Instructions:
(a) Compute the gain or loss to Mann on the settlement of the debt.
(b) Compute the gain or loss to Mann on the transfer of the equipment.
Compute the ABC indirect manufacturing cost per unit for each product and compute the indirect manufacturing cost per unit using direct labor hours from the single-allocation-base system.
Compute depreciation expense for the years 2010 and 2011 and show the book value of the machine on December 31, 2011 using each method below:
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