On January 1. Californian Specialty Foods purchased equipment for $20,000. Residual value at the end of an estimated four-yeat service life is expected to be $2,000. The machine operated for 2,200 hours in the first year, and the company expects the machine to operate for a total of 10,000 hours. Calculate depreciation expense for the first year using each of the following depreciation methods: (1) straight-line, (2) doubledeclining-balance, and (3) activity-based. (Do not round your intermediote colculotions.) China Inn and Midwest Chicken exchanged assets. Midwest Chicken recelved restaurant equipment and gave delivery equipment. The fair value and book value of the delivery equipment given were $28,000 and $29,500 (original cost of $35,000 less accumulated depreciation of $5,500), respectively. To equalize market values of the exchanged assets. Midwest Chicken received $8,500 in cash from China Inn. Record the gain or loss for Midwest Chicken on the exchange of the equipment. (If no entry is required for a particular transoction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the gain or loss for Midwest Chicken on the exchange of the equipment. Notel Enter debits befere crest: In early January, Burger Mania acquired 100\% of the common stock of the Ctispy Taco restaurant chain. The purchase price allocation included the following items \$4 million, patent, \$4 million, trademark considered to have an indefinite useful life, and $6 million goodwil. Burger Mania's policy is to amortize intangible assets with finite useful ives using the straight-line method, no residual value, and a five-year service life. What is the total amount of amortization expense that would appear in Burger Mania's income statement for the first year ended December 31 related to these items? (Enter your onswer in dollors, not in millions (1.0,5 should be entered as 5,000,000).) On January 1. Californian Specialty Foods purchased equipment for $20,000. Residual value at the end of an estimated four-yeat service life is expected to be $2,000. The machine operated for 2,200 hours in the first year, and the company expects the machine to operate for a total of 10,000 hours. Calculate depreciation expense for the first year using each of the following depreciation methods: (1) straight-line, (2) doubledeclining-balance, and (3) activity-based. (Do not round your intermediote colculotions.) China Inn and Midwest Chicken exchanged assets. Midwest Chicken recelved restaurant equipment and gave delivery equipment. The fair value and book value of the delivery equipment given were $28,000 and $29,500 (original cost of $35,000 less accumulated depreciation of $5,500), respectively. To equalize market values of the exchanged assets. Midwest Chicken received $8,500 in cash from China Inn. Record the gain or loss for Midwest Chicken on the exchange of the equipment. (If no entry is required for a particular transoction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the gain or loss for Midwest Chicken on the exchange of the equipment. Notel Enter debits befere crest: In early January, Burger Mania acquired 100\% of the common stock of the Ctispy Taco restaurant chain. The purchase price allocation included the following items \$4 million, patent, \$4 million, trademark considered to have an indefinite useful life, and $6 million goodwil. Burger Mania's policy is to amortize intangible assets with finite useful ives using the straight-line method, no residual value, and a five-year service life. What is the total amount of amortization expense that would appear in Burger Mania's income statement for the first year ended December 31 related to these items? (Enter your onswer in dollors, not in millions (1.0,5 should be entered as 5,000,000).)
