Bonita Company purchased machinery on January 1, 2020, for $87,200. The machinery is estimated to have a salvage value of $8,720 after a useful life of 8 years.

Compute 2020 depreciation expense using the double-declining-balance method.

Compute 2020 depreciation expense using the double-declining-method method assuming the machinery was purchased on September 1, 2020.

At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows:

Depreciation methods and useful lives:
Buildings—150% declining balance; 25 years.
Equipment—Straight line; 10 years.
Automobiles and trucks—200% declining balance; 5 years, all acquired after 2017.
Leasehold improvements—Straight line.
Land improvements—Straight line.

Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2021 and other information:

1. On January 6, 2021, a plant facility consisting of land and building was acquired from King Corp. in exchange for 17,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $50 a share. Current assessed values of land and building for property tax purposes are $167,500 and $502,500, respectively.
2. On March 25, 2021, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $144,000. These expenditures had an estimated useful life of 12 years.
3. The leasehold improvements were completed on December 31, 2017, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2023, was renewable for an additional four-year term. On April 30, 2021, Cord exercised the renewal option.
4. On July 1, 2021, equipment was purchased at a total invoice cost of $317,000. Additional costs of $10,000 for delivery and $42,000 for installation were incurred.
5. On September 30, 2021, Cord purchased a new automobile for $11,700.
6. On September 30, 2021, a truck with a cost of $23,200 and a book value of $7,600 on date of sale was sold for $10,700. Depreciation for the nine months ended September 30, 2021, was $1,710.
7. On December 20, 2021, equipment with a cost of $13,000 and a book value of $2,775 at date of disposition was scrapped without cash recovery.

Required:

1. Figure a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes in accumulated depreciation and amortization.
2. For each asset category, figure a schedule showing depreciation or amortization expense for the year ended December 31, 2021.

• Required 1
• Required 2

Figure a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes in accumulated depreciation and amortization.

For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2021. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)

make journal entries for the following information. separate J E should be made for entries made: (1) Government Fund and (2) Government-Wide Statements. City acquired a computer system for $40,000 Completed construction of a new library incurring $500,000 in new costs. In the prior years, City had incurred $600,000 in construction costs. The project was accounted for in a capital project fund. City sold land for $17,000 that it had acquired four years ago with a sales price of $50,000. City acquired a new fire truck and traded in the old fire truck. The previous fire truck had an ending basis of $50,000 and that amount was what the City received in the value of the trade- City paid an additional $90,000 for the acquisition of the new fire truck

QUESTION 1 A machine that caps soda bottles was purchased April 1, 2020 for $96,000; estimated useful life of 10 years and salvage value of $6,000. It is also estimated that the machine could cap a total of 360,000 bottles over its entire life. Calculate depreciation expense under the following independent assumptions: 1. Straight line depreciation, for the year ended Dec. 31, 2020. 2. Double declining balance depreciation for the year ended Dec. 31, 2020 and 2021. 3. Units of production depreciation for 2020 assuming 34,000 bottles were actually capped between April 1, 2020 and December 31, 2020. Record your answers and calculations below

Gear Company records $2,000 of depr

eciation under the sum-of-ye

ars’-digits method in

2019, the company’s first year

of operations. In 2020, the comp

any decides to change to the

straight-line method f

or accounting purposes. If the straight-l

ine method were used in 2019,

depreciation would have b

een $1,500. Depreciation in 2020 under

the straight-line method is

$1,800 (depreciated based on the

book value on January 1, 2020)

. The tax rate is 25%.

Income from continuing operati

ons before tax and before deducti

ng depreciation in 2020 is

$12,000.

REQUIRED:

Provide the 2020 entry to record t

his change and calculate 2020

net income.

3020 Corp.'s balance sheet accounts as of December 31, 2020 and 2019 and information relating to 2020 activities are presented below.

                                                                                                                  December 31

                                                                                                          2020            2019

         Assets

         Cash                                                                                    $1,040,000    $   200,000

         Accounts receivable (net) 1,000,000      1,020,000

         Inventory 1,300,000      1,200,000

         Long-term investments(carried at cost) 400,000         600,000

         Plant assets 3,400,000      2,000,000

         Accumulated depreciation (800,000) (900,000)

         Patent                                                                                       180,000     200,000

                  Total assets                                                              $6,520,000   $ 4,320,000

         Liabilities and Stockholders' Equity

         Accounts payable and accrued liabilities $1,660,000    $1,440,000

         Notes payable                                                                          580,000                  —

         Common stock, $10 par 1,600,000 1,400,000

         Additional paid-in capital 800,000 500,000

         Retained earnings                                                             1,880,000      980,000

                  Total liabilities and stockholders' equity   $6,520,000    $4,320,000

Information relating to 2020 activities:

• Net income for 2020 was $1,500,000.
• Cash dividends of $________ were declared and paid in 2020.
• Plant Assets costing $1,000,000 and having a carrying amount of $320,000 was sold in 2020 for $360,000.
• A long-term investment was sold in 2020 for $320,000.
• 20,000 shares of common stock were issued in 2020 for $___________.
• Assume any other transactions involved cash entirely.

Be certain that you have justified and accounted for all the changes in the account line items.

Bahamas feed supply Inc, a pet wholesaler supplier was organized on March 1 2020 projected sales for each of the first three months of operations are as follows

March 450,000

April 520, 000

May 560, 000

The company expects to sell 10% of its merchandise for cash. of sales on account, 50%are expected to be collected in the month of the sale 40% in the month following the sale, and the reminder in the in the second month following the sale.

(1a)Prepare a schedule indicating cash collections for sales for March April and May.

(1b) smell so good candle company projected sales of 95,000 candles for 2020. the estimated January 1st, 2020 inventory is 2400 units and the desired December 31st 2020 inventory is 3000 units what is the budgeted production in units for 2020.

1c Smell so good candle company budgeted production of 95,000 candles in 2020 wax is required to produce a candle assume 8 oz 1/2 of a pound of wax is required for each candle the estimated January 1st 2020 wax inventory is 1400 pounds the desired December 31st 2020 was inventory is 1100 pounds. if candle wax cost 3.60 per pound determined a direct material purchases budget for 2020

Cemerlang Inc. is a conglomerate company which has four subsidiaries located in Brunei, Malaysia, United Kingdom, and Switzerland. The exchange rates available for the company are MYR2.9000/BND, GBP0.4000/BND and BND1.2500/CHF. The following is the inter- subsidiary payments matrix for Cemerlang Inc in multiple currency.

1. Convert all the cash flows into Brunei Dollar (BND) and fill in the table cells below to show the intersubsidiary payments matrix for Cemerlang Group. If the transaction cost is 2%, how much the company need to pay (in BND) if they decided not to do any netting? (7marks)

   RECEIVING SUBSIDIARY (BND in millions)	PAYING SUBSIDIARY (BND in millions)
   	Brunei	Malaysia	United Kingdom	Switzerland
   Brunei
   Malaysia	10
   United Kingdom	20
   Switzerland	15

   Transaction cost in BND with no netting: