I have began working on these problema as practice for more help but i feel unsure anout my answers

1. A company purchased machinery for $10,800,000 on Jan. 1, 2017. The machine has a useful life of 10 years and has arn estimated salvage value of $800,000. What is the depreciation for 2018 assuming the company uses double declining balance method? A) $2,160,000 8) $2,000,000 C) $1,600,000 D) $1,728,000 A company sold a machine for $120,000. It originally cost $250,000. There was $100,000 of accumulated depreciation on the machine. What is the amount of gain or loss that the company will record? A) $0 gain or loss B) $120,000 gain C) $30,000 loss D) $20,000 gain What amount should be recorded as the cost of scorekeeping equipment. The invoice cost was $190,000. There was a delivery charge of $4,000. Electrical work was required for installation which cost $20,000. There was sales tax on the equipment of $13,700. Finally, a component on the equipment needed to be fixed costing $1,850. At what cost will the equipment be recorded at? A) $229,550 B) $227,700 c) $223,700 D) $210,000 On January 1 Robinson company purchased Franklin company for $2,500,000. The fair value of the assets purchased was $1,800,000. What is the amount of goodwill and what should be recorded as amortization expense for the year of the purchase? A) Goodwill $700,000, there is no amortization expense B) Goodwill $0, there is no amortization expense C) Goodwill $0, amortization expense $700,000 D) Goodwill $700,000, amortization expense $700,000 The book value on your car is $18,000. You are planning to trade it in for a new car that is selling at $32,000. The dealer has asked for a cash payment of $15,000. What is the gain or loss on the trade in? A) $17,000 gain B) $ 3,000 loss C $1,000 loss D) $ 3,000 gain 2. 3. 4. 5. 1. Home Depot has a store in Glen Ellyn and is required to collect 5% sales taxes on all merchandize sales The merchandise sales for the month of April were $162,000. Record journal entry for - sales that Home Depot makes a. payment of the sales tax to Glen Ellyn b. 2. Home Depot sells a lawn mower for $500 cash with a one year warranty that covers parts. Warranty expense is estimated at 8% of sales. The mower is brought back for repairs of Sas in materials. Record journal entry for- warranty related to the sale a. b. warranty repairs The following is related to payroll: 3. Federal taxes are 15% State taxes are 5% Medicare taxes are 1.45% on all wages Social security taxes are 6.2% on the first $120,000 of income The employee contributes 6% of gross wages to a 401K and the employer matches it by 3% the employee contributes 3% of salary to medical insurance and the company pays the rest premium of $300 Finally, the company offers disability and life insurance and pays the premium of $30 Federal unemployment taxes are 6% State unemployment taxes are 1% Both of the unemployment taxes are on the first $7,000 of wages employee has been working at the company since Jan 1. and as of June 30 has made $120,000. In July he made $20,000 Record journal entry for- a. salary expenses b. payroll tax expenses