1.

value: 1.00 points

Purity Ice Cream Company bought a new ice cream maker at the beginning of the year at a cost of $10,000. The estimated useful life was four years, and the residual value was $1,000. Assume that the estimated productive life of the machine was 9,000 hours. Actual annual usage was 3,600 hours in year 1; 2,700 hours in year 2; 1,800 hours in year 3; and 900 hours in year 4.Required:1.Complete a separate depreciation schedule for each of the alternative methods. (Round your answers to the nearest dollar amount. Omit the “$” sign in your response.)a.Straight-line.YearDepreciation ExpenseAccumulated DepreciationNet Book ValueAt acquisition  $ [removed]   1$ [removed]   $ [removed]   [removed]   2[removed]   [removed]   [removed]   3[removed]   [removed]   [removed]   4[removed]   [removed]   [removed]   b.Units-of-production (use four decimal places for the per unit output factor).YearDepreciation ExpenseAccumulated DepreciationNet Book ValueAt acquisition  $ [removed]   1$ [removed]   $ [removed]   [removed]   2[removed]   [removed]   [removed]   3[removed]   [removed]   [removed]   4[removed]   [removed]   [removed]   c.Double-declining-balance.YearDepreciation ExpenseAccumulated DepreciationNet Book ValueAt acquisition  $ [removed]   1$ [removed]   $ [removed]   [removed]   2[removed]   [removed]   [removed]   3[removed]   [removed]   [removed]   4[removed]   [removed]   [removed]   eBook Linkreferences

2.

value: 1.00 points

Trotman Company had three intangible assets at the end of 2012 (end of the accounting year):a.Computer software and Web development technology purchased on January 1, 2011, for $70,000. The technology is expected to have a four-year useful life to the company.b.A patent purchased from Ian Zimmer on January 1, 2011, for a cash cost of $6,000. Zimmer had registered the patent with the U.S. Patent Office five years ago.c.An internally developed trademark registered with the federal government for $13,000 on November 1, 2012. Management decided the trademark has an indefinite life.Required:1.Compute the acquisition cost of each intangible asset. (Omit the “$” sign in your response.) Acquisition cost  Technology$ [removed]   Patent[removed]   Trademark[removed] 2.Compute the amortization of each intangible at December 31, 2012. The company does not use contra-accounts. (Assume the company uses straight-line method.) (Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.) Amortization  Technology$ [removed]   Patent[removed]   Trademark[removed] 3.Show how these assets and any related expenses should be reported on the balance sheet and income statement for 2012. (Omit the “$” sign in your response.)     Income statement for 2012:       Operating expenses:             $ [removed]        Balance sheet at December 31, 2012:       (under noncurrent assets)         Intangibles:            $ [removed]           [removed]           [removed]     $ [removed]   eBook LinkView Hint #1references

 3.

value: 1.00 points

You are a financial analyst for Ford Motor Company and have been asked to determine the impact of alternative depreciation methods. For your analysis, you have been asked to compare methods based on a machine that cost $106,000. The estimated useful life is 13 years, and the estimated residual value is $2,000. The machine has an estimated useful life in productive output of 200,000 units. Actual output was 20,000 in year 1 and 16,000 in year 2.Required:1.For years 1 and 2 only, prepare separate depreciation schedules assuming:a.Straight-line method. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the “$” sign in your response.)YearDepreciation ExpenseAccumulated DepreciationNet Book ValueAt acquisition  $ [removed]   1$ [removed]   $ [removed]   [removed]   2$ [removed]   [removed]   [removed]   b.Units-of-production method. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the “$” sign in your response.)YearDepreciation ExpenseAccumulated DepreciationNet Book ValueAt acquisition  $ [removed]   1$ [removed]   $ [removed]   [removed]   2[removed]   [removed]   [removed]   c.Double-declining-balance method. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the “$” sign in your response.)YearDepreciation ExpenseAccumulated DepreciationNet Book ValueAt acquisition  $ [removed]   1$ [removed]   $ [removed]   [removed]   2[removed]   [removed]   [removed]   During 2012, Jensen Company disposed of three different assets. On January 1, 2012, prior to their disposal, the accounts reflected the following:AssetOriginal CostResidual ValueEstimated LifeAccumulated Depreciation (straight line)   Machine A$21,000  $3,000   8 years$13,500 (6 years)       Machine B 41,000   4,000   10 years  29,600 (8 years)       Machine C 75,000   5,000   15 years  56,000 (12 years)  The machines were disposed of in the following ways:a.Machine A: Sold on January 1, 2012, for $7,200 cash.b.Machine B: Sold on December 31, 2012, for $8,500; received cash, $2,500, and a $6,000 interest bearing (12 percent) note receivable due at the end of 12 months.c.Machine C: On January 1, 2012, this machine suffered irreparable damage from an accident. On January 10, 2012, a salvage company removed the machine at no cost. 4.

value: 1.00 points

Required:1.Give all journal entries related to the disposal of each machine in 2012. (Leave no cells blank – be certain to enter “0” wherever required. In cases where no entry is required, please select the option “No journal entry required” for your answer to grade correctly. Omit the “$” sign in your response.)Machine AGeneral JournalDebitCredit  [removed]           [removed]          [removed]        [removed]      [removed]           [removed]   Machine BGeneral JournalDebitCredit  [removed]           [removed]          [removed]        [removed]      [removed]           [removed]           [removed]   Machine CGeneral JournalDebitCredit  [removed]           [removed]          [removed]        [removed]            [removed]   eBook Links (2)references

 5.

value: 1.00 points

2.Explain the accounting rationale for the way that you recorded each disposal. Machine A:  Disposal of a long-lived asset with the price below net book value results in a    Machine B:  Disposal of a long-lived asset with the price above net book value results in a    Machine C:  Disposal of a long-lived asset due to damage results in a remaining book value.
 
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