Answer the following questions on PP&E and Intangibles:

1. Ben & Jerry's purchases manufacturing equipment for $300,000 on 1/1/21. Ben & Jerry's estimate that the equipment has a useful life of 10 years and a $25,000 residual value. Assume that B&J's calculates depreciation using the DOUBLE-DECLINING BALANCE method. Accumulated Depreciation will be $_______ as of 12/31/22 (i.e., after two years), and 2022 Depreciation Expense will be $_______.

2. If a company makes a journal entry to record an Impairment of a Patent, the entry will cause:

a) Net Income to Increase

b) Total Liabilities to Increase

c) Total Assets to Increase

d) Net Income to Decrease

3. True or False: Straight-Line depreciation and Double-Declining-Balance depreciation result in the same Accumulated Depreciation at the end of the asset's useful life.

a) 12/31/22 Accumulated Depreciation = $104,000; 2022 Depreciation Expense = $49,000

b) 12/31/22 Accumulated Depreciation = $49,000; 2022 Depreciation Expense = $49,000

c) 12/31/22 Accumulated Depreciation = $108,000; 2022 Depreciation Expense = $48,000

d) 12/31/22 Accumulated Depreciation = $48,000; 2022 Depreciation Expense = $48,000