Reference no: EM132805915
Question - Part 1 - Lions Inc. acquired five identical vehicles that cost a total of $500,000 on June 1, 2019. Their estimated residual value is $31,250 and expected life is six years. The company has a December 31 year end.
Required - Calculate the depreciation expense by each of the following methods:
a) Straight-line for 2019 and 2020;
b) Double-declining-balance for 2019 and 2020.
Part 2 - On December 31, 2020, Bengals Corp.'s statement of financial position includes the following records:
PP&E $950,000
Accumulated depreciation - PP&E (380,000)
After performing an annual review of impairment on the PP&E, Bengals obtains the following data:
Asset's value in use $565,000
Fair value less disposal costs 572,000
Required - As of December 31, 2020:
a) Calculate the carrying value of PP&E;
b) Calculate the recoverable amount;
c) Calculate the impairment loss.
What is the expected rate of inflation
: Question - If the nominal rate of interest is 13.73% and the real rate of interest is 8.8%, what is the expected rate of inflation
|
How many units must be sold to break even
: Jala Enterprise developed the following information for its product: Sales price RM90. How many units must be sold to break even
|
What is the effect on Fund A NAV
: The funds needed to buy the new shares are obtained by selling 676 more shares in Fund A. What is the effect on Fund A's NAV
|
How much overhead will be applied to Monkey Bars
: How much overhead will be applied to Monkey Bars using traditional costing using direct labor hours as the basis for allocation
|
Calculate the recoverable amount
: After performing an annual review of impairment on the PP&E, Bengals obtains the data: Asset's value in use $565,000. Calculate the recoverable amount
|
Implement an injectable service
: Display a message while the vibration is active and use very slow shakes, so you can alter the emulator to simulate shaking
|
Prepare the journal entries to record each bond transaction
: On July 1, $900,000, 9%, 5-year bonds dated July 1, 2019, were issued at 102. Prepare the journal entries to record each bond transaction
|
Compute the cost of goods sold
: Esposito's ending inventory is valued at the average cost for the last quarter of the year. Compute the cost of goods sold
|
Prepare all general journal entries
: Use this information to prepare all General Journal entries (without explanation) required to record the events for December 31, 2019
|