Question
In: Accounting
The Mallory Corporation On December 31, 2006, the Mallory Corporation had the following activity in its...
The Mallory Corporation
On December 31, 2006, the Mallory Corporation had the following activity in its fixed assets record.
|
MALLORY CORPORATION - FIXED ASSETS |
||||||||||||
|
Equipment |
Cost |
Salvage |
Life |
Method of Depreciation |
||||||||
|
Machine 1 |
$65,000 |
$5,000 |
5 |
DDB purchased 1/1/2006 |
||||||||
|
Building #3 |
$900,000 not including land |
$50,000 |
25 |
S/L purchased 6/30/2006 |
||||||||
|
Mine 316 |
$1,000,000 |
$0 |
1,000,000 tons |
30,000 tons extracted. Mine purchased 1/1/2006 |
||||||||
|
Patent |
$50,000 |
0 |
17 |
Purchased 1/1/2006 |
||||||||
|
Truck 1 |
$35,000 |
$3,000 |
200,000 miles |
Units of production: total miles depreciated to date are 60,000 as of January 1, 2006. Miles this year 30,000 |
||||||||
|
REQUIRED: Compute the depletion, amortization, and depreciation expense on December 31, 2006 for each asset listed above Record the depreciation journal entries for the assets above Suppose that Machine 1 was sold for $40,000 on 12/31/2008, record the entry Suppose that the corporation spent $20,000 in 2006 to defend the patent. Record the entry. Financial Reporting on Fixed Assets:Prepare a partial balance sheet statement for Mallory Corporation showing Fixed and Intangible assets |
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
On December 31, 2013, the Mallory Corporation had the following activity in its fixed assets record....
On December 31, 2013, the Mallory Corporation had the following
activity in its fixed assets
record. Assume all assets were purchased on January 1.
Equipment
Cost
Salvage
Date
Life
Method of Depreciation
Machine 1
$65,000
$5,000
2012
5
DDB
Building #3
$900,000 not including land
$50,000
2004
25
S/L
Mine 316
$1,000,000
$0
2010
1,000,000 tons
30,000 tons extracted
Mine 682
$500,000
$100,000
2011
40,000 barrels
6,000 barrels extracted
Patent
$50,000
0
2010
17
Truck 1
$35,000
$3,000
2010
200,000...
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Company
Type
Classification
Original
Cost
Carrying
Value
Fair
Value
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Interest
Cost
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Fair
Value
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8%
$11
$17
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14%
25
20
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31
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Unit
Cost
NRV
A1
140
$2.65
$4.45
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145
2.15
2.05
C2
105
2.45
10.85
D3
95
8.60
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Quantity
Unit
Cost
NRV
A1
140
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2.15
2.05
C2
105
2.45
10.85
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8.60
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Percent
Interest
Cost per
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Fair Value
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$10
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