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 2 years 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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Waxfastic Corporation had the following balances on December 31, 2018, its year-end (in thousands): preferred shares...
Waxfastic Corporation had the following balances on December
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$16,791; and accumulated other comprehensive income $514.
During the year ended December 31, 2019 the company earned net
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Required:
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produce. During January, the company produced 850 units at a cost
of $25 per unit. Assuming that Wolfson Corporation sold 800 units
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accounting.)
2. Vel Corporation had the following information on December 31, 2020: - Assess = $350,000 -...
2. Vel Corporation had the following information on December 31,
2020:
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- Stockholder's Equity:
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Retained Earnings = ?
On December 31, 2020, Vel Corporation's Retained Earnings
is:
Group of answer choices
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The Magnus Corporation, a publicly accountable entity, had the following investments as at December 31, 20x2:...
The Magnus Corporation, a publicly accountable entity, had the
following investments as at
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Company
Type
Classification
Original
Cost
Carrying
Value
Fair
Value
Will Corp. Shares FVPL $65,000 $61,000 $58,000
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Craig Inc. Shares FVOCI 82,000 88,000 106,000
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the FV-OCI method:
Quantity
Percent
Interest
Cost
per
Share
Fair
Value
per Share
Frank Inc.
2,000 shares
8%
$11
$17
Ellis Corp.
5,200 shares
14%
25
20
Mendota Ltd.
4,200 shares
2%
31
25
Early in 2021, Pronghorn sold all the Frank Inc. shares for $18 per
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Blossom Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity...
Blossom Corporation had the following items in inventory as at
December 31, 2020:
Item No.
Quantity
Unit
Cost
NRV
A1
140
$2.65
$4.45
B4
145
2.15
2.05
C2
105
2.45
10.85
D3
95
8.60
7.90
Assume that Blossom uses a perpetual inventory system, and that
none of the inventory items can be grouped together for accounting
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Prepare the year-end adjusting entry required to adjust to the
lower of cost or net realizable value on an item-by-item basis
using the...
Blossom Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity...
Blossom Corporation had the following items in inventory as at
December 31, 2020:
Item No.
Quantity
Unit
Cost
NRV
A1
140
$2.65
$4.45
B4
145
2.15
2.05
C2
105
2.45
10.85
D3
95
8.60
7.90
Assume that Blossom uses a perpetual inventory system, and that
none of the inventory items can be grouped together for accounting
purposes.
Prepare the year-end adjusting entry required to adjust to the
lower of cost or net realizable value on an item-by-item basis
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Monty Corporation had the following portfolio of investments at December 31, 2017, that qualified and were...
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December 31, 2017, that qualified and were accounted for using the
FV-OCI method:
Quantity
Percent
Interest
Cost per
Share
Fair Value
per Share
Frank Inc.
2,300 shares
8%
$10
$16
Ellis Corp.
4,900 shares
14%
24
21
Mendota Ltd.
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24
Early in 2018, Monty sold all the Frank Inc. shares for $17 per
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