*Machinery purchased for $73,200 by Concord Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,880 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2018, it is determined that the total estimated life should be 10 years with a salvage value of $5,490 at the end of that time. Assume straight-line depreciation. a- Prepare the entry to correct the prior year's depreciation, if necessary. b- Prepare the entry to record depreciation for 2018.

*At the beginning of 2017, Metlock Company acquired a mine for $940,000. Of this amount, $104,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 13,180,000 units of ore appear to be in the mine. Metlock incurred $176,800 of development costs associated with this mine prior to any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the mineral has been removed was $41,600. During 2017, 2,592,000 units of ore were extracted and 2,045,000 of these units were sold. Compute the following: a- the total amount of depletion for 2017. (Round per unit answer to 2 decimal places, e.g. 0.45 for computational purpose and final answer to 0 decimal places, e.g. 45,892.) b- The amount that is charged as an expense for 2017 for the cost of the minerals sold during 2017

*Kingbird Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2016 for $10,100,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2017, new technology was introduced that would accelerate the obsolescence of Kingbirds equipment. Kingbirds controller estimates that expected future net cash flows on the equipment will be $6,363,000 and that the fair value of the equipment is $5,656,000. Kingbird intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Kingbird uses straight-line depreciation.a- Prepare the journal entry (if any) to record the impairment at December 31, 2017. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) b- Prepare the journal entry for the equipment at December 31, 2018. The fair value of the equipment at December 31, 2018, is estimated to be $5,959,000. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Accounts list: Accumulated Depreciation-Building Accumulated Depreciation-Equipment Accumulated Depreciation-Machinery Accumulated Depreciation-Plant Assets Accumulated Depreciation-Trucks Buildings Cash Coal Mine Depreciation Expense Equipment Gain on Disposal of Machinery Inventory Loss on Disposal of Plant Assets Loss on Impairment Machinery Maintenance and Repairs Expense No Entry Paid-in Capital in Excess of Par - Common Stock Plant Assets Recovery of Loss from Impairment Retained Earnings Timber Trucks