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Accounting, I need hand write calculations step by step please Use the following data for questions 1 and 2. On 12 March 2010, Shoreham, Inc.
Accounting, I need hand write calculations step by step please Use the following data for questions 1 and 2. On 12 March 2010, Shoreham, Inc. acquired melting equipment for $45,600. The estimated life of the equipment is 6 years, with an estimated residual value of $2,400 1 Refer to above data. In its financial statements, Shoreham uses straight-line depreciation with the half-year convention. The book value of the equipment at 31 December 2011 will be: a S26,600. b $42,000. c $34,800. d Some other amount. 2 Refer to above data. In its financial statements, Shoreham uses double-declining-balance depreciation with half-year convention. The book value of the equipment at 31 December 2011 will be: a $20,267. b $12,667. c $25,333. d Some other amount. 3 Sam Dairy sold a delivery truck for cash of $86,800. The original cost of the truck was $336,000, and a loss of S53,200 was recognized on the sale. The accumulated depreciation at the dat? of sale must have been: a $249,200. b S145,600. c $33,600.d $196,000. 4 Lee Corporation purchases Presley Company's entire business for $2,700,000. The fair market value of Presley's net identifiable assets is $2,400,000. a Presley should record goodwill of $300,000. b Lee paid $300,000 for goodwill generated by Presley c Lee should charge the $300,000 excess paid for Presley Company directly to expense. d Presley should record amortization over a period not to exceed 40 years. 5 Throughout the current year, Chan Company treated sales taxes paid on purchases of PPE assets as revenue expenditures. As a result, the current year's: a Profit is overstated. b Revenue is overstated c Depreciation expense is understated. d None of the above; payments of sales taxes should be treated as revenue expenditures
Accounting, I need hand write calculations step by step please
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