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its short-anwser questions, you dont have to count something 1. On July 7, 2019, Harris purchased equipment costing $60,000, with an estimated life of 5
its short-anwser questions, you dont have to count something 1. On July 7, 2019, Harris purchased equipment costing $60,000, with an estimated life of 5 years and an estimated salvage value of $6,000. Compute the depreciation expense Harris would recognize on this equipment in 2019, assuming the company uses the straight-line method: (Round to the nearest full month) 2. On April 24, 2018 Creamy Ice Cream Co. purchased equipment costing $190,000, with an estimated life of 5 years and an estimated salvage value of $40,000. Compute the depreciation expense Creamy would recognize on this equipment in 2018, assuming the company uses the 150% declining balance method, with no switching to straight line. (Round to the nearest full month) 3. Name two intangible assets? 4. If a machine has a cost of $40,000 and an accumulated depreciation of $30,000, what is the book value of the machine in the current year? 5. If we sell the machine in question 4 for $15,000, what is the amount of the gain or loss on the sale? 6. Which type of bond is fully guaranteed? 7. On December 1, Year 1, James Corporation incurs a 20-year $300,000 mortgage liability in conjunction with the acquisition of a warehouse building. This mortgage is payable in monthly instalments of $3,200, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, Year 1. Compute the total amount to be paid by James over the 20-year life of the mortgage. 8. Refer to the above data. How much of the first payment made on December 31, Year 1, represents interest expense? 9. On April 1. year 1, Apfle Corporation issues $100 million of 11%, 10-year bonds payable at par. Interest on the bonds is payable semiannually each March 1 and September 1. The amount of cash paid to bondholders for interest during Year 1, is: 10. A lawsuit pending is a liability called
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