I have two questions that I would like to get help on. Please see the attached file for the questions.

P8-3 Computing the Acquisition Cost and Recording Depreciation under Three Alternative Methods LO8-2, 8-3 At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Machine A Amount paid for asset $ 11,000 $ Installation costs Renovation costs prior to use Machine B Machine C 30,000 $ 8,000 500 1,000 500 2,500 1,000 1,500 By the end of the first year, each machine had been operating 4,800 hours. Required: 1 Compute the cost of each machine. Total Cost Machine A Machine B Machine C Required: 2 Prepare one entry to record depreciation expense at the end of year 1, assuming the following: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Estimates Machine Life Residual Value Depreciation Method A Straight-line 60,000 hours $ 2,000 Units-of-production C 1 1,000 B Transaction 5 years $ 4 years $ 1,500 Double-declining-balance General Journal Debit Credit P8-3 Computing the Acquisition Cost and Recording Depreciation under Three Alternative Methods LO8-2, 8-3 At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Machine A Amount paid for asset $ 11,000 $ Installation costs Renovation costs prior to use Machine B Machine C 30,000 $ 8,000 500 1,000 500 2,500 1,000 1,500 By the end of the first year, each machine had been operating 4,800 hours. Required: 1 Compute the cost of each machine. Total Cost Machine A Machine B Machine C Required: 2 Prepare one entry to record depreciation expense at the end of year 1, assuming the following: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Estimates Machine Life Residual Value Depreciation Method A 60,000 hours 2,000 Units-of-production C 1 $1,000 B Transaction 5 years 4 years 1,500 Double-declining-balance General Journal Depreciation expense Debit 10,000 Credit Straight-line CP8-2 Finding Financial Information LO8-1, 8-2, 8-6 Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book. Required: 1. What method of depreciation does the company use? 2. What is the amount of accumulated depreciation and amortization at the end of the most recent reporting year? 3. For depreciation purposes, what is the estimated useful life of furniture and fixtures? 4. What was the original cost of leasehold improvements owned by the company at the end of the most recent reporting year? 5. What amount of depreciation and amortization was reported as expense for the most recent reporting year? 6. What is the company's fixed asset turnover ratio for the most recent year? What does it suggest? CP8-2 Finding Financial Information LO8-1, 8-2, 8-6 Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book. Required: 1. What method of depreciation does the company use? 2. What is the amount of accumulated depreciation and amortization at the end of the most recent reporting year? 3. For depreciation purposes, what is the estimated useful life of furniture and fixtures? 4. What was the original cost of leasehold improvements owned by the company at the end of the most recent reporting year? 5. What amount of depreciation and amortization was reported as expense for the most recent reporting year? 6. What is the company's fixed asset turnover ratio for the most recent year? What does it suggest? 3.89 P8-3 Computing the Acquisition Cost and Recording Depreciation under Three Alternative Methods LO8-2, 8-3 At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Machine A Amount paid for asset $ Machine B 11,000 $ Installation costs Machine C 30,000 $ 8,000 500 500 2,500 Renovation costs prior to use 1,000 1,000 1,500 By the end of the first year, each machine had been operating 4,800 hours. Required: 1 Compute the cost of each machine. Total Cost Machine A $ 14,000 Machine B $ 32,000 Machine C $ Cost of installation and renovation costs will be capitalized as their benefits are long-term in nat 10,000 Required: 2 Prepare one entry to record depreciation expense at the end of year 1, assuming the following: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Estimates Machine Life Residual Value Depreciation Method A Straight-line 60,000 hours $ 2,000 Units-of-production C 1 1,000 B Transaction 5 years $ 4 years $ 1,500 Double-declining-balance General Journal Depreciation Expense Debit 2,600 Accumulated Depreciation Machine A 2 Depreciation Expense Depreciation Expense Accumulated Depreciation Machine C SLM Depreciation = (Cost-Salvage Value)/Useful Life 2,600 2,400 Accumulated Depreciation Machine B 3 Credit Units of production Depreciation = (Cost-Salvage Value)/Life in hours x Hours op 2,400 5,000 Double declining Depreciation = Cost x 1/useful life x 2 5,000 rm in nature. Hours operated during the year CP8-2 Finding Financial Information LO8-1, 8-2, 8-6 Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book. Link to the annual report and https://www.sec.gov/Archive Required: 1. What method of depreciation does the company use? Depreciation is typically computed using the straight-line method. Pg F-9 2. What is the amount of accumulated depreciation and amortization at the end of the most recent reporting year? $616.787 million is the amount of accumulated depreciation and amortization at the end the most recent reporting year Pg F-19 3. For depreciation purposes, what is the estimated useful life of furniture and fixtures? The estimated useful life of furniture and fixtures is five years. Pg F-9 4. What was the original cost of leasehold improvements owned by the company at the end of the most recent reporting year? $676.644 million was the original cost of leasehold improvements owned by the company at the end of the most recent reporting year Pg F-19 5. What amount of depreciation and amortization was reported as expense for the most recent reporting year? $108.112 million Pg F-6 6. What is the company's fixed asset turnover ratio for the most recent year? What does it suggest? 3.61 A company's ability to generate net sales from fixed-assets (specifically property, plant and equipment (PP&E) - net of depreciation) is measured by this ratio. A higher fixed-asset turnover ratio suggests that the company has effectively used its fixed assets. In the current case, the company has a healthy fixed asset turnover ratio of 3.61. Formula: Sales/Total Fixed as eport and page numbers from where data is sourced is mentioned below. ov/Archives/edgar/data/912615/000119312512146029/d276682d10k.htm al Fixed assets