2.

F 1 Information about the Three Broomsticks is as follows; 2 3 Chairs 4 Tables $800,000 life: 10 years $2,000,000 life: 20 years $250,000 life: 5 years salvage: $40000 salvage $150,000 salvage: $0 5 stools 6 7 The management of Three Broomsticks has decided to use group/composite depreciation. 8 9 A: determine the rate for depreciation that The Three Broomsticks will use: 10 11 12 At the end of the next year, The Three Broomsticks had the following: 13 14 Chairs 15 Tables $888,000 $2,200,000 $250,000 16 Stools 17 18 B: What is depreciation expense 19 20 21 The Three Broomsticks sold some excess tables for $59,000. they originally purchased the tables for $75000 22 23 C: Make the journal entry The Three Broomsticks makes when it sold the tables. 24 A D G H 15 August 1st 16 17 18 December 31st Saran declared and paid a $0.50 dividend per share Froto announced they are not declaring any dividends this year Saran Company reported a loss of $5000; Saran's stock was selling for $10 per share Froto Company reported a loss of $200 and Froto's stock was selling for $21 per share 19 20 21 2023 Bilbo sold all of its stock in Saran Company at $10.75 per share Bilbo sold all of its stock in Froto Company for $22.25 per share 22 23 February 1st 24 25 26 REQUIRED 27 28 A) MAKE ALL OF BILBO'S JOURNAL ENTRIES WITH RESPECT TO ITS INVESTMENT IN SARAN B) MAKE ALL OF BILBO'S JOURNAL ENTRIES WITH RESPECT TO ITS INVESTMENT IN FROTO C) FILL IN THE FOLLOWING TABLE: 29 30 2021 2022 2023 31 32 INCOME IMPACT OF INVESTMENT IN SARAN 33 VALUE OF SARAN INVESTMENT ON BILBO BALANCE SHEET 34 35 INCOME IMPACT OF INVESTMENT IN FROTO 36 VALUE OF FROTO INVESTMENT ON BILBO BALANCE SHEET 37 38