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20,21,22,30,31,32 stuck on Use the following to answer questions 20-22 AJ Construction is in the process of closing its operations. It sold its five-year-old Caterpillar

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Use the following to answer questions 20-22 AJ Construction is in the process of closing its operations. It sold its five-year-old Caterpillar 279C Compact Track Loader for $100,000. The loader originally cost $180,000 and had an estimated useful life of 10 years and an estimated residual value of $40,000. The company uses straight-line depreciation for all equipment. 20. $ Calculate the book value of the loader at the end of the fifth year. 21. $ What was the gain or loss on the sale of the loader at the end of the fifth year; (if loss, put-in front of your answer). 22. Record the sale of the loader at the end of the fifth year. Use the following to answer questions 23 - 30 PJ Corp. reported the following income statement results: Sales Sales returns & allowances Gross profit Operating expense Gain on sale of equipment Net income $900,000 20,000 382,800 183,000 15,000 113,520 23. $ Calculate Net sales 24. $ Calculate Cost of Goods Sold 25. $ Calculate operating income 26. $ Calculate Income before Income tax (IBT) 27. $ Calculate income tax expense 28. %. Calculate the gross profit margin (one decimal place) 29. %. Calculate the profit margin (one decimal place) Assume the company had a loss (instead of the gain) on the sale of equipment of $8,000; 30. $ determine IBT. Use the following to answer questions 31 - 32 Last year T, Inc., had the following expenditures related to developing its trademark: General advertising costs Advertising specifically focused on trademark Legal fees to register trademark Legal fees for successful defense of new trademark Total $224,000 45,600 550 75,000 $345,150 During your year-end review of the accounts related intangibles, you discover that the company has capitalized all the above as costs of the trademark. Management contends that all the costs increase the value of the trademark and, therefore, should be capitalized. 31. Which of the above costs should NOT be capitalized? 32. $ What is the total cost that should be capitalized to the trademark account

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