Look attached File.

Minicase 3 The Mallory Corporation On December 31, 2006, the Mallory Corporation had the following activity in its fixed assets record. MALLORY CORPORA TION FIXED ASSETS Equipment Cost Salvage Life Machine 1 $65,000 $5,000 5 Building #3 $50,000 25 Mine 316 $900,000 not including land $1,000,000 $0 1,000,000 tons Patent $50,000 0 17 Truck 1 $35,000 $3,000 200,000 miles Method of Depreciation DDB purchased 1/1/2006 S/L purchased 6/30/2006 30,000 tons extracted. Mine purchased 1/1/2006 Purchased 1/1/2006 Units of production: total miles depreciated to date are 60,000 as of January 1, 2006. Miles this year 30,000 REQUIRED: Compute the depletion, amortization, and depreciation expense on December 31, 2006 for each asset listed above Record the depreciation journal entries for the assets above Suppose that Machine 1 was sold for $40,000 on 12/31/2008, record the entry Suppose that the corporation spent $20,000 in 2006 to defend the patent. Record the entry. Financial Reporting on Fixed Assets: Prepare a partial balance sheet statement for Mallory Corporation showing Fixed and Intangible assets