question1:

question2:

question 3:

The following are selected 2020 transactions of Concord Ltd. Jan. 1 Purchased a small company and recorded goodwill of 176,000. Its useful life is indefinite. Purchased for 153.000 a patent with an estimated useful life of 6 years and a legal life of 16 years May 1 Prepare necessary adjusting entries at December 31 to record amortization required by the events above. Of no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered Do not indent manually) Date Account Titles and Explanation Debit Ord Dec. 31 Date Account Titles and Explanation Debit Credit Dec. 31 (To record goodwill amortization.) Dec. 31 (To record patent amortization.) e Textbook and Media Whispering's Delivery Company and Metlock's Express Delivery exchanged delivery trucks on January 1, 2020. Whispering's truck cost 22,000. It has accumulated depreciation of 15,500 and a fair value of 3,300. Metlock's truck cost 9.000. It has accumulated depreciation of 7 200 and a fair value of 3,300. The transaction has commercial substance. Journalize the exchange for Whispering's Delivery Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Journalize the exchange for Metlock's Express Delivery. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Current Attempt in Progress In recent years, Blossom Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected. Information concerning the buses is summarized below. Depreciation Method Bus Acquired Residual Value Useful Life in Years Cost 4 7,000 1 1/1/18 96,100 Straight line Declining balance 5 11.000 2 1/1/18 119,000 7.500 5 Units-of-activity 3 1/1/19 95.000 For the declining balance method, the company uses the double-declining rate. For the units-of-activity method, total miles are expected to be 125,000. Actual miles of use in the first 3 years were: 2019.25.500, 2020 34,500; and 2021 30.000 For the declining balance method, the company uses the double-declining rate. For the units-of-activity method, totl miles are expected to be 125,000. Actual miles of use in the first 3 years were: 2019,25,500; 2020.34.500; and 2021. 30.000. Calculate depreciable cost per mile for Bus 3. (Round answer to 2 decimal places.c.8.0.50.) Depreciable cost per mile Compute the amount of accumulated depreciation on each bus at December 31, 2020, Accumulated Depreciation at December 31, 2020 BUS 1 E BUS 2 E BUS 3 E - If Bus no. 2 was purchased on April 1 instead of January 1, what is the depreciation expense for this bus in 2018 and 20197 (Round answers to decimal places, eg. 2,125.) 2018 2019 E E Depreciation expense Lindi