Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

just the answer please and thank you 1) ABC Co. purchased machinery that cost $200,000 on January 1, 2018. The entire cost was recorded as

image text in transcribed

just the answer please and thank you

1) ABC Co. purchased machinery that cost $200,000 on January 1, 2018. The entire cost was recorded as an expense. The machinery has a nine-year life and a $10,000 residual value. The error was discovered on December 20, 2021. Ignore income tax considerations. ABC's income statement for the year ended December 31, 2021, should show depreciation expense of 2) Maine Corporation prepared the following: $ Pretax financial income for 2021 Tax exempt interest Originating temporary difference 1,500,000 (140,000) (300,000) The temporary difference will reverse evenly over the next three years at an enacted tax rate of 20%. The enacted tax rate for 2021 is 25%. Compute Maine's income tax payable for the year 2021. 3) Equipment was purchased at the beginning of 2018 for $900,000. At the time of its purchase, the equipment was estimated to have a useful life of five years and a salvage value of $100,000. The equipment was depreciated using the straight-line method of depreciation through 2021. At the beginning of 2022, the estimate of useful life was revised to a total life of eight years and the expected salvage value was changed to $30,000. The amount to be recorded for depreciation for 2022 is 4) A change from straight line depreciation to double declining balance depreciation is an example of a change in an accounting principle. (answer True or False)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

=+ (e) The probability in Problem 2.15.

Answered: 1 week ago