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Manal Elkhoshkhany
Manal Elkhoshkhany, Tutor
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1) On July 1, 2010, Sparks Company purchased for $2,160,000

Resolved Question:

1) On July 1, 2010, Sparks Company purchased for $2,160,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $90,000. Depreciation is taken for the portion of the years the asset is used
Instructions
(a) Complete the form below by determining the depreciation expense and year-end book values for 2010and 2011 using the
1) Sum-of-the-years-digits method
2) Double-declining balance method
Sum-of-the-years-Digits method 2010 2011
Equipment $2,160,000 $2,160,000
Less: Accumulated Depreciation ________ _________
Year-End Book Value _________ __________
Depreciation expense for the year __________ __________
Double-Declining Balance Method
Equipment $2,160,000 $2,160,000
Less: Accumulated Depreciation ________ _________
Year-End book value _________ _________
Depreciation Expense for the year _________ __________
(b) Assume the company had used straight-line depreciation during 2010 and 2011. During 2012 the company determined that the equipment would be useful to the company for only one more year beyond 2012. Salvage value is estimated at $120,000.Compute the amount of depreciation expense for the 2012 income statement.

2) Answer each of the following questions
1) A plant asset purchased for $150,000 has an estimated life of 10 years and a residual value of $12,000. Depreciation for the second year of use, determined by the declining-balance method at twice the straight-line rate is $___________________
2) A plant asset purchased for $200,000at the beginning of the year has an estimated life of 5 years and a residual value of20, 000. Depreciation for the second year, determined by the sum-of-the-years-digits method is $______________________
3) A plant asset with a cost of $160,000 and accumulated depreciation of $45,000,is given together with cash of $60,000,in exchange for a similar asset worth $165,000.The gain or loss recognized on the disposal (indicate by “G” or “L” ) is $_____________________
4) A plant asset with a cost of $216, 000, estimated life of 5 years, and residual of $36, 000, is deprecation by the straight-line method. This asset is sold for, $160,000 at the end of the second year of use. The gain or loss on the disposal ( indicate by “G” or “L”) is $___________

3) The following transactions involving intangible asset of Minton Corporation occurred on or near December 31, 2010, complete the chart below by writing the journal entry (ies) needed at that date to record the transaction and at December 31, 2011 to record any resultant amortization. If no entry is required at a particular date, write “none needed”


On Date On
Of Transaction December 31, 2011
1) Minton paid Grand Company $500,000 for
the exclusive right to market a particular product
using the Grand name and logo in promotional
material. The franchise runs for as long as Minton
is in business.
2) Minton spent $600,000 developing a new manu-
Facturing process. It has applied for a patent, and
It believes that its application will be successful.
3) In January, 2011, Minton’s application for a patent
(#2 above) was granted. Legal and registration costs
Incurred were $120,000. The patent runs for 20 years.
The manufacturing process will be useful to Minton
for 10 years.
4) Minton incurred $192,000 in successfully defending
One of its patents in an infringement suit. The patent expires
during December, 2014.
5) Minton paid Sneed Laboratories $104,000 for research and
Development work performed by Sneed under contract for
Minton. The benefits are expected to last six years.

4) Described below are certain transactions of Larson Company for 2010
1) On May 10, the company purchased goods from Fry Company for $50,000, terms 2/10,n/30.Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18.
2) On June 1, the company purchased equipment for $60,000 from Raney Company. Paying $20,000 in cash and giving a one-year, 9% note for the balance.
3) On September 30, the company discounted at 10% its $120,000, one-year zero-interest-bearing note at
Submitted: 2 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 2 years ago.

Hello

 

Please click on the following link for the solutions:

 

http://www.box.net/shared/jg0lfn4n0h5ukoyokdl7

 

 

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Thank you

Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9473
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 4 other Homework Specialists are ready to help you
Customer: replied 2 years ago.

Hi Business Tutor i need how do get answer Q. 1(A&B) Q.2 (1,2.3,4) Q.3 (1,2,3,4,5)

Q. 4 (A,B,C)

Because my teacher need explan how do get answer like with formula last time he say how did you arrive at these figures? because i just put answer only that why i did not get A now plese when you give me answer show me how do get answer he does'n want just answer only

Thank You!!!!!!!!!!!!!!

Expert:  Manal Elkhoshkhany replied 2 years ago.
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Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9473
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 4 other Homework Specialists are ready to help you

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