On January 2, 2016 McNally's Extra Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20000 hours. The estimated residual value is $20000. The four separate questions are listed follows.

On January 2, 2016 MoNally's Extra Corporation acquired equipment for $120,000 The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000 If MoNaIly's Extra Corporation uses the straight- line method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2017, during which period the asset was used 4,500 hours? 0 A. $24,000 0 B. $22,500 0 C. $20,000 0 D. $27,000 For each of the following scenarios, indicate whether a long-term asset has been impaired (Y for yes and N for no) and, if so, the amount of the loss that should be recorded. a (Click the icon to view the data.) (Complete all Input cells. Enter a "0" to show no loss.) Carrying lmpalred? Amount Asset Amount Value In Use Falr Value (Y or N) of Loss at Equipment $200,000 $160,000 $120,000 bl Trademark $300,000 $440,000 $355,000 c. Land $50,000 $22,000 $19,000 d. Factory building $8 million $8 million $6 million 0 Data Table Carrying Impaired? Amount Asset Amount Value in Use Fair Value (Y or N) of Loss Equipment $200,000 $160,000 $120,000 . Trademark $300,000 $440,000 $355,000 Land $50,000 $22,000 $19,000 Factory building $8 million $8 million $6 million Print Done Toronto's Wonderland paid $65,000 for a concession stand. Depreciation was recorded by the straight-line method over 11 years with zero residual value. Suppose that after using the concession stand for four years, Toronto's Wonderland determines that the asset will remain useful for only three more years. How will this affect depreciation on the concession stand for year 5 by the straight-line method? (Round interim calculations to the nearest whole dollar. Round your answers to the nearest whole dollar.) Original depreciation for year 5 using the straight-line method over 11 years with zero residual value, New depreciation for year 5 alter changing remain useful life to only three more years. Return on assets measures how profitably management has used its assets. O True O False