1) Grim Software has an 8-year useful life remaining patent with a fair value of $438,000 and expected cash flows of $507,000. If the book value of the patent is $489,000, record any December 31 adjusting entry needed for impairment.

2) Hartle Plastics purchased new machinery on September 30, 20X1, for $187,000 with an assumed residual value of $34,000. The machinery's useful life is estimated to be 4 years or 15,000 hours of use. The machine's usage in 20X1 is 800 hours, in 20X2 is 5,300 hours, in 20X3 is 3,600 hours, and in 20X4 is 5,500 hours. What is theaccumulated depreciationafter the20X3 adjustmentif thesum-of-years'-digits methodis used?

3) On January 1, Orland Cement Co. obtains new information about their equipment depreciation estimates. The new total useful life should be 7 years and with no salvage value. The equipment was purchased 3 years ago for $82,100, and the company has done straight-line depreciation since then by assuming a $3,300 salvage value and a 9-year useful life. What should be theyearly depreciation after the change is made? You may round amounts to the nearest dollar

4) On July 1, Meditate Health Corp. wins a lawsuit defending its copyright paying $37,000 in legal fees. Assume that this copyright has a carrying value of $122,000, a $17,000 residual value, and a 5-year remaining life on July 1 before the lawsuit is recorded.Record both the July 1 journal entry for legal costs and any December 31 year-end adjusting entry for amortization