1)Robertson Inc. prepares its financial statements according to International Financial Reporting Standards. At the end of its 2016 fiscal year, the company chooses to revalue its equipment. The equipment cost $573,000, had accumulated depreciation of $257,000 at the end of the year after recording annual depreciation, and had a fair value of $347,000. After the revaluation, the accumulated depreciation account will have a balance of (Do not round intermediate calculations.):

$282,212.

$288,000.

None of these answer choices are correct.

$257,000.

2)

Jennings Advertising Inc. reported the following in its December 31, 2016, balance sheet:

Equipment	$580,000
Less: Accumulated depreciation equipment	$365,400

In a disclosure note, Jennings indicates that it uses straight-line depreciation over 10 years and estimates salvage value at 10% of cost. What is the average age of the equipment owned by Jennings?

6.3 years.

7 years.

3.7 years.

3 years.

3)Granite Enterprises acquired a patent from Southern Research Corporation on January 1, 2016 for $4.2 million. The patent will be used for 5 years, even though its legal life is 20 years. Rocky Corporation has made a commitment to purchase the patent from Granite for $100,000 at the end of five years. Compute Granite's patent amortization for 2016, assuming the straight-line method is used.

$420,000.

$410,000.

$840,000.

$820,000.

4)Granite Enterprises acquired a patent from Southern Research Corporation on January 1, 2016 for $3.8 million. The patent will be used for 5 years, even though its legal life is 20 years. Rocky Corporation has made a commitment to purchase the patent from Granite for $100,000 at the end of five years. Compute Granite's patent amortization for 2016, assuming the straight-line method is used.

$740,000.

$370,000.

$380,000.

$760,000.

5)Nanki Corporation purchased equipment on January 1, 2014, for $614,000. In 2014 and 2015, Nanki depreciated the asset on a straight-line basis with an estimated useful life of eight years and a $6,000 residual value. In 2016, due to changes in technology, Nanki revised the useful life to a total of 5 years with no residual value. What depreciation would Nanki record for the year 2016 on this equipment? (Round your answer to the nearest dollar amount.)

$101,333.

$154,000.

$100,686.

None of these answer choices are correct.

6)On March 31, 2016, M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed for highway construction. The cost of the quarry rights was $216,000, with estimated salable rock of 30,000 tons. During 2016, Belotti loaded and sold 5,900 tons of rock and estimated that 24,100 tons remained at December 31, 2016. At January 1, 2017, Belotti estimated that 11,800 tons still remained. During 2017, Belotti loaded and sold 17,700 tons. Belotti would record depletion in 2016 of (Do not round depletion rate per ton):

$31,860.

$52,880.

$41,845.

$42,480.