Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin mining operations at the site. Details of the mining assets follow:

Copper's year-end is December 31 and it uses the straight-line method for all mining assets including intangibles.

Required:
1. Record amortization and depreciation at December 31, 2020, on the mining assets, including the mineral rights.

2. Assume the mine was closed on October 31, 2023, and the assets were scrapped. Record the disposal of the assets.

Melbourne Ltd acquired 100% of Sydney Ltd on 11 December 2016. On 1 January 2017, Sydney Ltd sold a machine to Melbourne Ltd for $80,000 and recorded a profit of $20,000. Melbourne Ltd will depreciate this machine on a straight-line basis over its useful life of 8 years. You, the group accountant, have just finished preparing the consolidated financial statements for the year ending 30 June 2020. Mrs Jones, CEO of Melbourne Ltd, is not an accountant and she doesn’t understand why you had to make some adjustments before you prepare the consolidated accounts.

Required: Write an email to Mrs Jones summarising why it is essential to adjust for this intra-group transaction before preparing the consolidated financial statements. Note: consolidation entries are not required.

Wilkins Food Products Inc. acquired a packaging machine from Lawrence Specialists Corporation. Lawrence completed construction of the machine on January 1, 2019. In payment for the machine Wilkins issued a three-year installment note to be paid in three equal payments at the end of each year. The payments include interest at the rate of 15%. Lawrence made a conceptual error in preparing the amortization schedule, which Wilkins failed to discover until 2021. As a result of the error, Wilkins understated interest expense by $50,000 in 2019 and $45,000 in 2020. Required: 1. Indicate in the table below which accounts are incorrect as a result of these errors at January 1, 2021 and whether those accounts are understated or overstated. (Ignore income taxes.) 2. Prepare a journal entry to correct the error. 3. Will Wilkins account for the error (a) retrospectively or (b) prospectively?

Taxation Questions

Q1: Anna converted cryptocurrency into $27,200 Australian dollars in October 2019. To complete the transaction, she incurred $950 in transaction fees. Therefore, Anna received $26,250 in cash. Anna had acquired the cryptocurrency in September 2018 for $9,200 Australian dollars

Determine the taxable capital gain (loss) on the sale of the Cryptocurrency. Briefly justify your answer/show all workings

Q2:

Anna sold shares she held in a construction company in March 2020 for $182,000. She had purchased the shares for $37,200 in December 1986. Anna has indicated that she has carried forward losses from prior years of $180,000 relating to a prior disposal of shares and land.

Determine the capital gain on the sale of the Shares. Briefly justify your answer/show all workings

Calculation of depreciation; three methods)

On January 1, 2016, SugarBear Company acquired equipment costing $150,000, which will be depreciated on the assumption that the equipment will be useful for five years and have a residual value of $12,000. The esti- mated output from this equipment is as follows: 2016—15,000 units; 2017—24,000 units; 2018—30,000 units; 2019—28,000 units; 2020—18,000 units. The company is now considering possible methods of depreciation for this asset.

Required:

a. Calculate what the depreciation expense would be for each year of the asset’s life, if the company chooses:

i. The straight-line method

ii. The units-of-production method

iii. The double-diminishing-balance method

b. Briefly discuss the criteria that a company should consider when selecting a depreciation method.

Business Analytics -MBA

What is machine learning? How does it differ from statistically learning? Give an example of each.

Are both still relevant and important when making business decisions? Explain your answer.

Write your responses in detail with EXAMPLES. Be sure to identify the source of your example in your posting. Your initial post should be of minimum of 300 words.

Business Analytics -MBA What is machine learning? How does it differ from statistically learning? Give an example of each. Are both still relevant and important when making business decisions? Explain your answer. Write your responses in detail with EXAMPLES. Be sure to identify the source of your example in your posting. Your initial post should be of minimum of 300 words.

A business students claims that on average an MBA students is required to prepare more than five cases per week. To examine the claim, a statistics professor ask a random sample of ten MBA students to report the number of cases they prepare weekly. The results are given below. Can the professor conclude that the claim is true, at the .05 level of significance, assuming the number of cases is normally distributed with a standard deviation of 1.5?

1) Is the test statistic for this test Z or t?

2) What is the value of the test statistic of the test? ( Enter 0 if this value cannot be determined with the given information.)

3) What is the pvalue of the test? (Enter 0 if this value cannot be determined with the given information.)

4) What is the relevant bound of the rejection region? (Enter 0 if this value cannot be determined with the given information.)

5) What decision should be made?

Select one:

a. Do not reject the null hypothesis

b. Accept the null hypothesis

c. Can not be determined from given information

d. Reject the null hypothesis

1. Barriers to entry enhance the market power of many business organizations because they make it difficult for would-be competing firms to enter into an established market. Describe each of the government barriers to entry set forth below:

     a. Patents

     b. Regulations

     c. Business Taxes


1A. What are some basic economic pros and cons of government regulation?

2. With your MBA in hand from Indiana Tech University and a few years of experience under your belt, you have recently been hired to serve as the business manager of a fairly large company. The company faces very tough competition from one primary competitor, and so you are tasked with recommending a strategy to try to eliminate this competitor. Reviewing your coursework in MBA 5120, your options come down to either limit pricing or predatory pricing. Which pricing method will you recommend, and explain why?

(Select only one pricing strategy; not both strategies or combinations of both strategies.)  

A. Is the pricing method you chose guaranteed to work? Explain why or why not.

1. Barriers to entry enhance the market power of many business organizations because they make it difficult for would-be competing firms to enter into an established market. Describe each of the government barriers to entry set forth below:

     a. Patents

     b. Regulations

     c. Business Taxes


1A. What are some basic economic pros and cons of government regulation?

2. With your MBA in hand from Indiana Tech University and a few years of experience under your belt, you have recently been hired to serve as the business manager of a fairly large company. The company faces very tough competition from one primary competitor, and so you are tasked with recommending a strategy to try to eliminate this competitor. Reviewing your coursework in MBA 5120, your options come down to either limit pricing or predatory pricing.  Which pricing method will you recommend, and explain why?

(Select only one pricing strategy; not both strategies or combinations of both strategies.)  

A. Is the pricing method you chose guaranteed to work? Explain why or why not.