Reference no: EM132497029
Question 1: A new truck is purchased on October 1, 20X6. The truck cost $10,000, has a 5-year life or 10,000 miles, and a $2,000 residual value. Given the use of the units of activity or output, how much is 20X7 depreciation expense if the truck is driven 3,000 miles?
Question 2: A new truck is purchased on January 1, 20X6. The truck cost $10,000, has a 5-year life, and a $2,000 residual value. Given the use of the straight-line method, how much is the depreciation expense each year?
Question 3: An asset costing $1,000 and having accumulated depreciation of $600 is exchanged for and asset having a fair value of $500.
In a lump sum purchase of land, building, and equipment, the components were appraised at $10,000, $20,000, and $30,000, respectively. If $50,000 was paid for the package, how much is assigned to the equipment?
Question 4: The journal entry to record $100 annual of annual depreciation on a three-year old truck would require using straight-line depreciation Amarillo Company acquired a site for the construction of a new plant. Which of the following cost should not be included in the Land account?
Question 5: On January 1, 20X1, Blake Company purchased a patent for $68,000. The patent as a remaining legal life of nine years and an expected service life of eight years. The amortization expense (to the nearest dollar) properly recognize for 20X1 is...
Question 6: American Mines recognizes $2 of depletion for each ton of ore mined. This year 750,000 tons of ore were mined, but only 700,000 tons were sold. The amount of depletion that should be deducted from revenue this year is:
Question 7: A gain would always be recorded:
- A machine that cost $9,000 with a book value of $2,000 is sold for $1,100, and an entry is made. Which of the following is true about the entry?
- Farmco recently incurred costs associated with replacing the oil in one of the tractors. How should this cost be accounted for?
- Ace purchased a patent for $37,000 plus $2,000 in legal fees. On the date of purchase, the patent had a remaining legal life of 13 years. Ace expects to use the patent for six years. Compute the first year´s straight-line patent amortization expense.
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How much is assigned to the equipment
: The components were appraised at $10,000, $20,000, and $30,000, respectively. If $50,000 was paid for the package, how much is assigned to the equipment?
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