Atomic Corporation has a June 30th year end. It has used straight line depreciation on its reactor since its purchase for $974,400 January 1, 2018 based on expectations of a ten year life. No salvage value was estimated. At the beginning of the fiscal year of July 1st, 2022 , management realized that that the reactor life was in reality only 4 years. This is considered a change in accounting estimate and you are asked to solve it.

Required 1: What is the amount of Depreciation Expense reported for the year ended June 30th, 2022? $

Required 2: What is the amount of Depreciation Expense to be reported for the year ended June 30th, 2023? $

Required 3: What is the amount of Accumulated Depreciation that is retroactively recognized on July 1st 2022 when the remaining useful life is re-estimated? $

Required 4: What is the Net Book Value of the reactor on June 30th, 2022? $

Required 5: What is the Net Book Value of the reactor on December 31st, 2022? $

Required 6: What is the Net Book Value of the reactor on June 30th, 2023? $

Question 2.

This year Quark Corporation (a publicly traded company on the Toronto) exchanged 250,000 of its no par value common shares for 3 parcels of land from Neutron Limited. The land and building was appraised by professional appraisers at a value between $1,200,000 $1,400,000 with the best estimate at $1,250,000. Quark's shares are trading at $5.26 on the date of the transaction.

Required 1: What is the impact of this transaction of the Statement of Cash Flows? $

Required 2: In Quark books, what is the value of the land acquired? $

Required 3: If this is the only transaction affecting Quark's non current assets, what is the amount of cash generated (used) by investing activities if the depreciation expense of the acquired land and building is $30,000? $