Question 2

On January 2, 2016, Alpha Company purchased a patent for $68,000. The patent has a remaining legal life of nine years and an expected service life of eight years. Use this information to prepare the General Journal entry (without explanation) for December 31, 2016 end of the year adjusting entry. If no entry is required then write "No Entry Required."

General Journal:

Date	Accounts	Debit	Credit

Question 3

Alpha Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:

PP&E Element	Amount
Land	$15,000
Building	60,000
Equipment	25,000

Alpha signed a 3 years, 5%, note in the amount of $72,000 for the lump sum purchase. What value should be allocated to the following? (Enter only whole dollar values.)

1. Land

2. Building

3. Equipment

Question 4

On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $72,000. The estimated service life is eight years and the total units of output to be 200,000. The estimated residual value is $8,000. Using the straight-line method, how much is: (Enter only whole dollar values.)

the 2017 depreciation expense

the accumulate depreciation after the fiscal year 2017 adjusting entry

the book value of the truck after the fiscal year 2017 adjusting entry

Question 7

Bravo Company purchased a truck on October 1, 2016. Bravo paid $10,000 for the truck in addition to $500 registration & sales taxes. The truck is expected to have a $2,000 residual value and a 5-year life. Bravo has a December 31 fiscal year end. Using the double-declining balance method, how much is: (Enter only whole dollar values.)

the 2019 depreciation expense

the accumulate depreciation after the fiscal year 2019 adjusting entry

the book value of the truck after the fiscal year 2019 adjusting entry