Hirsch Company acquired equipment at the beginning of 2017 at a cost of $124,300. The equipment has a five-year life with no expected salvage value and is depreciated on a straight-line basis. At December 31, 2017, Hirsch compiled the following information related to this equipment:                    Expected future cash flows from use of the equipment    $    106,400       Present value of expected future cash flows from use of the equipment        90,700       Fair value (selling price less costs to dispose)        86,350           Assume that a U.S.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes.     Required:      Prepare journal entries for this equipment for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP and (2) IFRS.      Prepare the entry(ies) that Hirsch would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert U.S. GAAP balances to IFRS. Ignore the possibility of any additional impairment at the end of 2018.

Mace Company acquired equipment that cost $60,000, which will be depreciated on the assumption that the equipment will last six years and have a $4,000 residual value. Component parts are not significant and need not be recognized and depreciated separately. Several possible methods of depreciation are under consideration.

Required:
1. Prepare a schedule that shows annual depreciation expense for the first two years, assuming the following (Round your answer to nearest whole dollar.):

1. Declining-balance method, using a rate of 30%.
2. Productive-output method. Estimated output is a total of 210,000 units, of which 24,000 will be produced the first year; 36,000 in each of the next two years; 30,000 the fourth year; and 42,000 the fifth and sixth years.
3. Straight-line method.

2. Repeat your calculations for requirement 1, assuming a useful life of 10 years, and a declining-balance rate of 20% that reflects the longer life, but the same number of units of production. The residual value is unchanged.

Jurassic Company purchased equipment for $900,000 on June 1 2019. DDB method is used, based on a 5-year life and $1,000 salvage value. At the end of 2020, Jurassic found that the expected future net cash flows from the use of the assets are expected to be $410,000. The fair value of the equipment is $380,000. Is this equipment impaired? If the answer is yes, prepare the journal entry to record the impairment loss.

1. In a 2015 report, Johnson discussed the relationship between mean annual temperature and the mortality rate for a type of prostate cancer in men. The subjects were residents of certain regions of Great Britain, Norway, and Finland. Run a correlation between these two variables. You will need the printout to answer a few questions.  

The Data:

Mortality Temperature

102.5    51.3

104.5    49.9

100.4    50

95.9    49.2

87       48.5

95      47.8

88.6    47.3

89.2     45.1

78.9    46.3

84.6    42.1

81.7    44.2

72.2    43.5

65.1    42.3

68.1    40.2

67.3    31.8

52.5    34

What is the Pearson Correlation Coefficient? 3 pts.

Is it significant? 3 pts

Is it a strong correlation? 2 pt.

1. In a 2015 report, Johnson discussed the relationship between mean annual temperature and the mortality rate for a type of prostate cancer in men. The subjects were residents of certain regions of Great Britain, Norway, and Finland. Run a correlation between these two variables. You will need the printout to answer a few questions.  

The Data:

Mortality Temperature

102.5    51.3

104.5    49.9

100.4    50

95.9    49.2

87       48.5

95      47.8

88.6    47.3

89.2     45.1

78.9    46.3

84.6    42.1

81.7    44.2

72.2    43.5

65.1    42.3

68.1    40.2

67.3    31.8

52.5    34

What is the Pearson Correlation Coefficient? 3 pts.

Is it significant? 3 pts

Is it a strong correlation? 2 pt.

Question 1:

Menara Wealth Management involved the following transactions during September 2020, the first month of its operation:

Required:

1. Prepare journal entries to record all of the above transactions.

(5.75)

2. Post the journal entries to the relevant three column ledgers.

(6)

3. Prepare the trial balance as at 30 September 2020.

(2.75)

“As the Internet of things advances, the very notion of a clear dividing line
between reality and virtual reality becomes blurred, sometimes in creative
ways.” Geoff Mulgan, University College London

What is the “Internet of Things” and what are what are the roles of the different
company functions in it’s implementation?