Question 1

Through the first three quarters of 2020, John Kimble Corp. reported a trademark on its quarterly balance sheets at a value of $600,000. By the end of 2020, Kimble determined that the trademarks fair value had declined to $550,000. At what amount should Kimble report the trademark in its year-end balance sheet? (just enter the number, without any commas or a dollar sign)

Question 2

Through the first three quarters of 2020, Louanne Johnson Corp. reported a trademark on its quarterly balance sheets at a value of $600,000. By the end of 2020, Johnson determined that the trademarks fair value had increased to $650,000. At what amount should Johnson report the trademark in its year-end balance sheet? (just enter the number, without any commas or a dollar sign)

Question 3

Review: Sherman Klump Enterprises purchased equipment for $200,000 on January 1, 2020. The equipment is expected to have a ten-year life and a residual value of $50,000. Using the straight-line depreciation method, how much would Klump record as depreciation expense in its 2020 income statement? (just enter the number, without any commas or a dollar sign)