1.

A plant asset purchased on January 1st, 2015 for $800,000 has an estimated life of 20 years and a residual value of $23,000.

a) Calculate the depreciation expense for 2017 using the double declining balance.

b) make the journal entry for 2017

2.

Equipment with a cost of $440,000, estimated life of 5 years, and residual value of $90,000, is depreciated by the straight-line method. The equipment was purchased on January 1st, 2018.

a) Calculate the depreciation expense for 2020

b) Make the journal entry to record depreciation expense for 2020.

c) This asset is sold for $280,000 December 31, 2020. Make the journal entry to record the sale.

d) Make the journal entry for selling the asset for $200,000 (instead of the $280,000 from part C above)

3. Carson Company purchased a depreciable asset for $420,000. The estimated salvage value is $28,000, and the estimated useful life is 10,000 hours. Carson used the asset for 1,500 hours in the current year. The activity method will be used for depreciation. What is the depreciation expense on this asset in the current year?

4.

Downing Company issues $5,000,000, 10%, 5-year bonds on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 8%.

a) Looking at the rates involved, will this bond sell at a discount or premium?

b) Calculate the issue price of the bonds in dollars

c) Calculate the issue price of the bonds as a percent

d) Make the journal entry to record the sale of the bond

with work please