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ver + Webcam Questions ) Question 1 Question 1 Question 2 Questions On January 1, 2017, Bosco Co. purchased a machine for $792,000 and depreciated it by the Questiond straight-line method using an estimated useful life of eight years with no salvage value: On January 1, 2020, Bosco determined that the machine had a useful life oflsix years from the date or acquisition and will have a salvage value of $72,000. An accounting change was made in 2020. The accumulated depreciation for this machine should have a balance at December 31, 2020 of O $528,000. O $438,000. $462,000. 4 PLS $480,000. astion 2Problem 3A: Situations of a Change in Accounting Principle 9 pits Shore Construction began operations in 2023 and appropriately used the completed-contract method in accounting for its long-term construction contracts. They prepared the following information: Completed-Contract Method 2023 2024 Income before income taxes $800,000 $975,000 1,121,250 2025 Effective January 1, 2025, Shore changed to the percentage-of-completion method and can justify the change. The company has a tax rate is 25%, and is allowed to use completed-contract method for tax purpose. It determines the amounts under the percentage of completion method to be: 2024 2025 2023 Percentage-of-Completion Income before income taxes $1,100,000 $1,298,000 $1,431,100 Required: Prepare the journal entries to reflect the change on 1/1/2025. D . Edit Format Table BIUALTY 12pt v ParagraphProblem 2: Lynnwood Corporation purchased equipment on December 30, 2023, at a cost of $140,000. Lynnwood then leased the equipment to the Washington Company on January 1, 2024. The lease is classified as a sales-type lease by Lynnwood. The lease term is non-cancelable, 6 years. Lease payments of $35,000 will be made at the end of each year for six years, with the first payment on 12/31/2024. The estimated economiclife of the equipment is 7 years. Lynnwood estimates an 8,000 residual value at the end of the lease term, which is unguaranteed. The implicit interest rate for Lynnwood is 5%. Present value of 1 for 6 periods at 5% ......... 0./46ZZ Present value of an Ordinary Annuity of 1 for 6 periods at 5% .. 5.07569 Present value of an Annuity Due of 1 for 6 periods at 5% .... 5.32948 Click to open: Required: A. Calculate the amount of Lease Receivable, and prepare a lease amortization schedule over the first 2 years of the lease term for the lessor. B. Prepare the journal entries regarding the lease for the lessor for 2024 and 2025. C. Prepare partial balance sheets for the lessor as of December 31, 2025. D. If the lessor paid $4,000 in sales commission in closing the lease on 1/1/2024, prepare the journal entry needed