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Depreciation, Impairment and Disposition 'E'I1-4 (Depreciation CalculationsSix Methods; Partial Periods) Jupiter Wells Corp. purchased machinery for $315,000 on May I, 2017. It is estimated that it will have a useful life of 10 years, residual value of$13,000, production of 240,000 units, and 25,000 working hours. The machinery will have a physical life of 15 years and a salvage value of $3,000. During 2018, Jupiter Wells Corp. used the machinery for 2,650 hours and the machinery produced 25,500 units. Jupiter Wells prepares nancial statements in accordance with IFRS. Instructions From the information given, calculate the depreciation charge for 2018 under each of the following methods, assuming Jupiter Wells has a December 31 year end. (a) Straight-line (b) Unit of production ((3) Working hours ((1) Declining-balance, using a 20% rate (e) Sum-ofthe-years'-digits E11-7 (Depreciation ComputationsFive Methods) Jon Seceda Furnace Corp. purchased machinery for $315 ,000 on May 1, 2017. It is estimated that it will have a useful life of 10 years, salvage value of $15,000, production of 240,000 units, and working hours of 25,000. During 2018, Seceda Corp. uses the machinery for 2,650 hours, and the machinery produces 25,500 units. Instructions From the information given, compute the depreciation charge for 2018 under each of the following methods. (Round to the nearest dollar.) (a) Straight-line (b) Unit of production (c) Working hours (d) Su1n-of-the-years'-digits (e) Declining-balance E11-15 (Depletion CalculationsMinerals) At the beginning of 2017, Kao Company, a small private company, acquired a mine for $85 0,000. Of this amount, $100,000 was allocated to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists found that approximately 12 million units of ore appear to be in the mine. Kao had $120,000 of development costs for this mine before any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the minerals have been removed was $40,000. During 2017, 2.5 million units of ore were extracted and 2.2 million of these units were sold. Instructions Calculate the following information for 2017 (rounding your unit cost answers to three decimal places): (a) The depletion cost per unit (b) The total amount of depletion for 2 01 7 (and prepare the required journal enlIy, if any) (e) The total amount that is charged as an expense for 2017 for the cost of minerals sold during 2017 (and prepare the required journal entry, if any) Ell-16 (DepreciationChange in Estimate) Machinery purchased for $56,000 by Wong Corp. on January 1, 2012, was originally estimated to have an eight-year useful life with a residual value of $4,000. Depreciation has been entered for ve years on this basis. In 2017, it is determined that the total estimated useful life (including 2017) should have been 10 years, with a residual value of $4,500 at the end of that time. Assume straight-line depreciation and that Wong Corp. uses IFRS for nancial statement pluposes. Instructions (a) Prepare the entry that is required to correct the prior years' depreciation, if any. (h) Prepare the entry to record depreciation for 2017. (c) Repeat part (b) assuming Wong Corp. uses the double-declining-balance method of depreciation. E11-22 (ImpairmentCost Recovery and Rational Entity Models) The information that follows relates to equipment owned by Gaurav Limited at December 31. 2017: Cost \"0.000.000 Accumulated depreciation to date 2.000.000 Expected future net cash flows (undiscounted) 7.000.000 Expected future net cash flows (discounted. value in use) 6.350.000 Fair value 6.200.000 Costs to sell (costs of disposal] 50.000 Assume that Gaurav will continue to use this asset in the future. As at December 31. 2017, the equipment has 3 remain- ing useful life of four years. Gaurav uses the straight-line method of depreciation. Instructions Assume that Gaurav is a private company that follows IFRS. 1. Prepare the journal entry at December 31. 2017, to record asset impairment, if any. 2. Prepare the journal entry to record depreciation expense for 2018. 3. The equipment's fair value E'I'I-26 (Entries for Disposition of Assets) Consider the following independent situations for Kwok Corporation. Situation 1: Kwok purchased equipment in 2010 for $120,000 and estimated a $12,000 residual value at the end of the equipment's 10-year useful life. At December 31. 2016, there was $75,600 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 3 1, 2017, the equiplnent was sold for $2 3,000. Situation 2: Kwok sold a piece of machinery for $10,000 onjuly 31, 2017. The machine originally cost $33,000 on January 1, 2009. It was estimated that the machine Would have a useful life of 12 years with a residual value of $2,000, and the straight-line method of depreciation was used. Situation 3: Kwolt sold equipment that had a carrying amount of $3,500 for $5.200. The equipment originally cost $12.000 and it is estimated that it would cost $16,000 to replace the equipment. Instructions Prepare the appropriate journal entries to record the disposition of the property, plant. and equipment assets, assuming that Kwok's scal year end is December 31 and that Kwok only prepares financial statements and adjusts the accounts annually