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Minicase: On December 31, 2006, the Mallory Corporation had the following activity in its fixed assets record. Assume all assets were purchased on January 1.
Equipment
Cost
Salvage
Date
Life
Method of Depreciation
Machine 1
$65,000
$5,000
2002
5
DDB
Building #3
$900,000 not including land
$50,000
2004
25
S/L
Mine 316
$1,000,000
$0
2003
1,000,000 tons
30,000 tons extracted
Mine 682
$500,000
$100,000
2001
40,000 barrels
6,000 barrels extracted
Patent
0
17
Truck 1
$35,000
$3,000
200,000 miles
Units of production: total miles depreciated to date are 60,000 as of January 1, 2006. Miles this year 30,000
Truck 2
2006
150,000 miles
Units of production, miles this year are 15,000
Truck 3
$75,000
$10,000
Units of production: total miles depreciated to date are 180,000 as of January 1, 2006. Miles in 2006 are 30,000 miles.
Machine 2
10
REQUIRED:
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