1) James Corp acquired several assets from Bonsai Corp. for $2,000,000. Assets acquired included a truck, a stamping machine, and a forklift. An appraisal of the assets valued the truck at $1,400,000, the stamping machine at $300,000, and the forklift at $450,000. What is the value that will be assigned to each of these assets? 2) JJ Industries purchased a machine that cost $540,000. It is expected that the machine will last 20 years and have a $20,000 salvage value. It is also expected that the machine will be able to be produce 1,000,000 units. Calculate the 1st and 2nd year of depreciation using the straight-line method. a. b. Calculate the 1st and 2nd year of depreciation using the Double Declining Balance method. C. Assuming 165,000 units were produced the 1st year, what is the depreciation of the machine for the 1st year using the units of production method? d. What is the book value of the truck at the end of the 1st year under each method? 3. Plankton Corp. owned an asset that cost $600,000. The company sold the asset on January 1, Year 3 for $310,000. Accumulated depreciation on the day of the sale was $450,000. Based on this information, answer the following questions: a. What is the gain/loss on the sale? Assets b. Show the impact of the transaction on the horizontal equation: Liabilities Stockholders Rev/Gain Exp/Loss Equity + Net Income Cash Flow 4. Giant Corp. purchased a truck on January 1, Year 1 for $75,000. The truck is estimated to have a 5 year life and salvage value of $15,000. The company uses the straight line method. a) At the beginning of Year 3, Giant revises the expected life to 7 years, what is the new annual depreciation expense? b) At the beginning of Year 3, Giant keeps the life the same, but changes the salvage value to $10,000. What is the new annual depreciation expense? 5. Swan Company purchased a coal mine on January 1, Year 1 for $20,000,000. 640,000 tons of coal are expected to be extracted from the mine. In Year 1, 90,000 tons are mined. What is the depletion expense for Year 1? 6. The Alexander Company acquired the Rushmore Company for $9,800,000 cash. The fair value of Village's assets were $8,100,000 and the company had liabilities of $700,000. How much goodwill recorded with the acquisition