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Question: Solich Sandwich Shop had the following long-term asset balances as of December 31, 2012:
Solich purchased all the assets at the beginning of 2010 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 10-year useful life using the straight-line method with an estimated residual value of $10,000. The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method.
Required: 1. For the year ended December 31, 2012, record depreciation expense for buildings and equipment. Land is not depreciated.
2. For the year ended December 31, 2012, record amortization expense for the patent.
3. Calculate the book value for each of the four long-term assets at December 31, 2012.
Explain the trade-off between retaining earnings internally and paying cash dividends.
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In order to increase business, Freds Parts Distributing, Inc., is planning the purchase of ten pickup trucks at a total cost of $150,000. The company expects to keep these trucks for four years, then sell them.
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