Reference no: EM133180241
Questions -
Q1. Piazza Co. purchased a machine on July 1, 2020, for $1,000,000. The machine has an estimated useful life of five years and a salvage value of $200,000. Using the declining-balance method. For the year ended December 31, 2021, Piazza should record depreciation expense on this machine of?
Q2. On April 1, 2020, Ramtha Co. purchased new machinery for $450,000. The machinery has an estimated useful life of five years, and depreciation is computed by the sum-of-the-years'-digits method. The depreciation expense on this machinery for 2021 should be?
Q3. Data relating to one of Humaid's depreciable assets at December 31, 2021 are as follows:
Acquisition year 2019
Cost $280,000
Residual value 40,000
Accumulated depreciation 192,000
Estimated useful life 5 years
Using the same depreciation method as used in 2019, 2020, and 2021 (Straight-line method), how much depreciation expense should Humaid record in 2022 for this asset?
Q4. On January 1, 2017, Farah Company purchased a copyright for $2,500,000, having an estimated useful life of 16 years. In January 2021, Farah paid $375,000 for legal fees in a successful defense of the copyright. Copyright amortization expense for the year ended December 31, 2021, should be?
Q5. In January 2020, Ali Mining Corporation purchased a mineral mine for $6,300,000 with removable ore estimated by geological surveys at 2,500,000 tons. The property has an estimated value of $600,000 after the ore has been extracted. Ali incurred $1,725,000 of development costs preparing the property for the extraction of ore. During 2020, 585,000 tons were removed and 525,000 tons were sold. For the year ended December 31, 2020, Ali should include what amount of depletion in its cost of goods sold (as sale).
Q6. Manar Corp. incurred $840,000 of research and development costs to develop a product for which a patent was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled $160,000. On March 31, 2021, Manar paid $350,000 for legal fees in a successful defense of the patent. What is the total amount capitalized for the patent through March 31, 2021.
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