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Q1: Aljersey Company purchased machinery for $162,000 on January 1, 2019. It is estimated that the machinery will have a useful life of 20 years, residual value of $15,000, production of 84,000 units, and working hours of 42,000. During 2019, the company uses the machinery for 14,300 hours, and the machinery produces 20,000 units. Compute depreciation under the straight-line. units-of-output, working hours and double-declining-balance methods. Q3: Zain Company acquired a plant asset at the beginning of year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight- line method, (2) the activity method method, and (3) the double-declining-balance method. Year Straight-Line Activity Method Double-Declining-Balance 1 9,000 15,000 20,000 2 9,000 12,000 12,000 3 9,000 9,000 7,200 4 9,000 6,000 4,320 5 9,000 3,000 1,480 Total 45,000 45,000 45,000 Answer the following questions: a. What is the cost of the asset being depreciated? b. What amount, if any, was used in the depreciation calculations for the residual value for this asset? c. Which method will produce the highest charge to income in year 1'? d. Which method will produce the highest charge to income in year 4? e. Which method will produce the highest book value for the asset at the end of year 3? f. If the asset is sold at the end of year 3, which method would yield the highest gain (or lowest loss) on disposal of the asset? Q4: A building that was purchased December 31, 1995, for E 2,500,000 was originally estimated to have a life of 50 years with no residual value at the end of that time. Depreciation has been recorded thr0ugh 2019. During 2020, an examination of the building by an engineering firm discloses that its estimated useful life is 15 years after 2019. What are the accounting entries for the depreciation at the end of year 2015 and 2025. under the use of straight-line method? Q5: Team Company owns machinery that cost $900,000 and has accumulated depreciation of $330,000. The present value of expected future net cash flows from the use of the asset are expected to be $500,000. The fair value less cost of disposal of the equipment is $400,000. Prepare the iournal entry, if any, to record the impairment loss or revaluation gains, assuming the use of revaluation model. Q6: MAADEN Group acquires a coal mine at a cost of $400,000. Intangible development costs total $100,000. MAADEN estimates that 4,000 tons of coal can be extracted. If 700 tons are extracted the first year, prepare the iournal entry to record depletion. Q7: Savola Group has equipment with an original cost of 500,000,000 and related accumulated depreciation of 100,000.000 on December 31. 2019. The fair value of the equipment at December 31. 2019. is 650.000,000. The equipment has a useful life of 4 years remaining after December 31, 2019. with no residual value. Savola uses the straight-line method of depreciation. Prepare the entry to (a) record the revaluation of the equipment on December 31, 2019, and (b) record depreciation on the equipment at December 31, 2020. Q8: Misk firm a real estate company. follows IFRS. In a recent year. l'v'lisk disclosed the following information on revaluations of its tangible fixed assets. Rose firm, a major competitor. is applying the cost model. The financial statements of both firms show the following: Misk Rose dollars. in millions dollars, in millions Total revenues T41 51? Average total assets 5.5?7 4,696 Net income 125 29? a. Compute the following ratios for Misk and Rose. 1. Return on assets. 2. Asset turnover. b. Howr do these companies compare on these performance measures