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Question 5) Grant Corporation purchased machinery on January 1, 2022, at a cost of $250,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,000. The company is considering different depreciation methods that could be used for financial reporting purposes. Instructions: A) Prepare separate depreciation schedules (as shown in class) for the machinery using the straight-line method, and the double-declining balance method. (Round to the nearest dollar.) B) Which method would result in the higher reported 2022 income? In the highest total reported income over the 4-year period? C) Which method would result in the lower reported 2022 income? In the lowest total reported income over the 4-year period? Question 6) Wang Co. has delivery equipment that cost $66,000 and has been depreciated $31,055. Instructions: Record entries for the disposal under the following assumptions: A) It was scrapped as having no value. B) It was sold for $39,500. C) It was sold for $22,222. Question 7) Presented here are selected transactions for Hugo Company for 2022. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $93,000 on that date and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $30,000 and had a useful life of 6 years with no salvage value. The computer was sold for $17,000. Oct. 1 Discarded a delivery truck that was purchased on January 1, 2017. The truck cost $34,200 and was depreciated based on an 8-year useful life with a $3,000 salvage value. Instructions: Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Hugo Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021) Question 8) These are selected 2022 transactions for Darlene Corporation: Apr. 1 Purchased copyright for $120,000. The copyright has a useful life of 8 years and a remaining legal life of 30 years. Sept. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $45,000. Dec. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. Instructions: Prepare all adjusting entries at December 31 to record amortization required by the events