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.)

1. the 2017 depreciation expense
2. the accumulate depreciation after the fiscal year 2017 adjusting entry
3. 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.)

1.the 2019 depreciation expense

2.the accumulate depreciation after the fiscal year 2019 adjusting entry

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

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 Debit Accounts 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.) 1. the 2017 depreciation expense 2. the accumulate depreciation after the fiscal year 2017 adjusting entry 3. 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.) 1. the 2019 depreciation expense 2. the accumulate depreciation after the fiscal year 2019 adjusting entry 3. the book value of the truck after the fiscal year 2019 adjusting entry