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Mayberry Printers (MP) manufactures printers. Assume that MP recently paid $700,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only ten years. Read the equirement 18 25 Requirement 1. Assuming the straight-line method of amortization, make journal entries to record (a) the purchase of the patent and (b) amortization for the first full year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a) Record the purchase of the patent. Date Accounts and Explanation Debit Credit i Requirements 1. Assuming the straight-line method of amortization, make journal entries to record (a) the purchase of the patent and (b) amortization for the first full year. 2. After using the patent for five years, MP learns at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, MP decides, starting with Year 6, to amortize the remaining cost of the patent over two remaining years, giving the patent a total useful life of seven years. Record amortization for Year 6. Print Done anu liet ar antaran 18 On January 1, 2018, On Time Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, On Time spent $2,200 painting it $2,500 replacing tires, and $7,300 overhauling the engine. The truck should remain in service for five years and have a residual value of $8,000. The truck's annual mileage is expected to be 30,000 miles in each of the first four years and 20,000 miles in the fifth year--140,000 miles in total. In deciding which depreciation method to use, Jacob Nealy, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements 25 Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1-1-2018 11 12-31-2018 12-31-2019 11 12-31-2020 Choose from any list or enter any number in the input fields and then click Check Answer. Requirements R e B 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value, 2. On Time prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that On Time uses the truck. Identify the depreciation method that meets the company's objectives. Print Done 12-31-2019 12-31-2020- Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All Check Answer NON ce 2. 8 Aa esc G Search or type URL egin by preparing a depreciation schedule using the straight-line Book Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Date Cost Cost Life Expense Depreciation 1-1-2018 12-31-2018 Value = 11 12-31-2019 12-31-2020 12-31-2021 12-31-2022 ? Choose from any list or enter any number in the input fields and then click Check Answer. A parts Clear All Check Answer Debit Accounts and Explanation Date Credit Fixtures (new) Accumulated Depreciation--Fixtures Fixtures (old) 128,000 72,000 94,000 106,000 Cash Exchanged old fixtures and cash for new fixtures, Requirement 2. Now let's change one fact. Freedom Bank feels compelled to do business with Elm Furniture, a bank customer, even though the bank can get the fixtures elsewhere at a better price. Freedom Bank is aware that the new fixtures' market value is only $126,000. Record the trade-in. Assume the exchange had commercial substance. Let's begin by calculating the gain or loss on the exchange of fixtures. (Enter a loss with a minus sign or parentheses.) Market value of assets received Enter any number in the edit fields and then click Check