(10 3. (10 points) A company's property records revealed the following information about one of its machine. Salvage Purchase Estimated Cost Value Date Life Estimated lifetime units of output 500.000 units, and 15.000 units of S450,000 $30.000 10/01 7 years output in year 1 Calculate the book value for the machine under each of the following methods. Straight Line Units of Production Double Declining Balance 4. (10 points) Greene Company purchased a machine for $75,000 on January 1, 2016, that was expected to 1 6 years and to have a salvage value of $6,000. At the beginning of the machine's second year the company spent $8,500 on routine repairs and $50,000 on a new motor estimated to increas the useful life by 10 years and the salvage value to $10,000. Calculate the following a. What is the book value at December 31, 2016? b. Record the entries for the $6,000 and 50,000 repairs expenses. c. Calculate the depreciation expense for 2017? What is the net book value of the machine at December 31, 2017? 8 Short Problems Select any 6 out of the 7 short problems below. Well labeled computations are required to receive full points 1. (10 points) Use the information below to complete the partial income statement under each of the perpetual methods. December 31 Ending Inventory Balance 50 a 8 Vanuary 1: Purchased 100 units at SIO per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 units for $16 per unit -643 DOO +20 1465 FIFO LIFO Average Sales Revenue Cost of Goods Sold Gross Profit 2. (10 Points) A company reported the following data related to its ending inventory: Total Merke Product 849 842 847 860 Units Available 100 75 60 40 Cost $10 16 Total Cost 100 1200 Market SI 14 13 20 16 1100 1050 780 300 3730 640 640 3685 3470 ( 1050 a. What is the value of the inventory under the lower-of-cost-or-market on the inventory applied separately to each product? J470 b. What is the journal entry needed to correct the inventory to the lower-of-cost-or-market? c. What is the value of the inventory under the lower-of-cost-or-market on the inventory applied to the inventory as a whole? _3600 d. What is the journal entry needed to correct the inventory to the lower-of-cost-or-market