ABC Company purchased the copyright to a book for $201,000 cash on January 1, 2021. The copyright has an indefinite useful life. On July 1, 2021, ABC purchased a patent for $125,000 cash. The patent is expected to be used for 25 years. Neither of these intangible assets have residual values. ABC uses the straight-line method to amortize its intangibles when applicable. Required: a) Record the journal entries for the purchases of the above intangible assets. b) Record amortization for the above intangible assets at December 31, 2021. c) How would the intangible assets appear on the balance sheet at December 31, 2021. A piece of equipment was previously purchased for $90,000 - Estimated life was 20 years - Estimated residual value was $10,000 - Pattern of benefits received: equal amounts per period In year 9, estimates were revised as follows: -Estimated life: total of 30 years -Estimated residual value: $2,000 Required: Determine depreciation for year 9 using the straight-line method. 9 Crane Ltd. bought a crane at the beginning of the current fiscal year. Information relating to the crane follows: Cost: $500,000 Estimated useful life: five years (or 30,000 hours) Residual value: $50,000 Actual hours used during the year: 4,000 hours in year 1 4.700 hours in year 2 Required: PART 1: a) Calculate depreciation for the first two years using the straight-line method. b) Calculate depreciation for the useful life using the double-declining balance method. c) Calculate depreciation for the first two years using the activity method (hours) d) Prepare the journal entry for parta) PART 2: Repeat Part 1 a) if Crane Ltd. follows ASPE. Assume that the estimated life of the crane is seven years and the salvage value at that time is estimated to be $500. PART 2: Repeat Part 1 a) if Crane Ltd. follows ASPE. Assume that the estimated life of the crane is seven years and the salvage value at that time is estimated to be $500. PART 3: Repeat Part 1 (a -c) with the following changes: - The crane was purchased half-way through the year. -Actual hours used in year 1 were 1,900. Methods