Question 91

Equipment was purchased for $160000. Freight charges amounted to $3000 and there was a cost of $14000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $34000 salvage value at the end of its 5-year useful life. Depreciation Expense each year using the straight-line method will be

Question 121

Wildhorse Co. purchased a machine with a list price of $174000. They were given a 5% discount by the manufacturer. They paid $2500 for shipping and sales tax of $4500. Wildhorse estimates that the machine will have a useful life of 10 years and a salvage value of $30000. If Wildhorse uses straight-line depreciation, annual depreciation will be

Question 160

Crane Company sold office furniture for $50000. The furniture had an original cost of $164000 and accumulated depreciation of $82000. Ignoring the tax effect, as a result of the sale

Question 173

Sandhill Co. incurred $930000 of research and development costs in its laboratory to develop a new product. It spent $174000 in legal fees for a patent granted on January 2, 2017. On July 31, 2017, Sandhill paid $72000 for legal fees in a successful defense of the patent. What is the total amount that should be debited to Patents through July 31, 2017?

Question 189

The following information is provided for Ivanhoe Company and Sarasota Corp..

(in $ millions)	Ivanhoe Company	Sarasota Corp.
Net income 2017	$120	$420
Net sales 2017	1200	4620
Total assets 12/31/15	1060	2100
Total assets 12/31/16	1050	3070
Total assets 12/31/17	1160	4070

What is Ivanhoe's return on assets for 2017?