QuestionsE 11-1, E 11-3,E 11-4, and E 11-6

B811-5 (L0) Cominsky Company purchased a machine on July 1, 2018, for $28,000. Cominsky paid $200 in itle kes ad county peoperty tax of $125 on the machine. In addition, Cominsky paid $500 shipping charges for delivery, and $475a Pe to a local contractor to build and wire a platform for the machine on the plant floor. The machine has an estimated useful useful life of s yars with a salee of3000 Determine the depnociation base of Cominsky's new machine. nky us line depreciation BE11-6 02) Dickinson Inc. owns the following assets. stree Estimated Useful ta, smoo $70,000 50,000 82,0004,000 $7.000 10 years 5 years 12 years Compube the composite depreciation rate and the composite life of Dickinson's assets. BE11-7 (LO2) Holt Company purchased a computer for $8,000 om January 1,2016.Straight-line depreciation is used, based a S-year life and a $1,000 salvage value. In 2018, the estimates are revised. Holt now feels the computer ber 31, 2019, when it can be sold for $500 Compute the 2018 depreciation will be used until Decem- depreciation of $380,000. The total $100,000. After BE11-8 (LoS) Jurassic Company owns equipment that cost $900,000 and has accumulated expected fature net cash flows from the use of the asset are expected to be $500,000. The fair value of the equipment is Prepare the journal entry, if any, to record the impairment loss BE11-9 (L04) Everly Corporation acquires a coal mine at a cust of $400,000Intangible development costs total $100 extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $80000), after sold for $160,000. Everly estimates that 4,000 tons of coal can be extracted. If 700 tons are extracted the first year, peepare the journal entry to record depletion. which it can be BE11-10 (LoS) In its 2014 annual report, Campbell Soup Company reports beginning-of the-year total assets of S8,113 mil- lion, end-of-the-year total assets of $8.323 million, total sales of $8,268 million, and net income of $807 million. (a) Compute Campbell's asset turnover. (b) Coempute Campbell's profit margin on sales. (c) Compute Campbell's return on assets using (1) asset turnover and proit margin and (2) net income. (Round to two decimal places.) BE11-11 (L06] Francis Corporation purchased an asset at a cost of $50,000 on March 1, 2017. The asset has a useful life of S years and a salvage value of $4,000. For tax purposes, the MACRS class life is 5 years. Compute tax depreciation for each year 2017-2022 EXERCISES equipment on Janu- E11-1 (Lo1) EXCEL (Depreciation Computations-SL, SYD, DDB) Deluxe Ezra Company ary 1, Year 1, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of S40,000 Instructions a) Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (b) Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years-digits method. ic) Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method. (In performing your calculations, round constant percentage to the nearest one-hundredth of a point and round answers to the nearest dollar.) E11-2 (Lo1) (Depreciation-Conceptual Understanding) Rembrandt Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the- years-digits method, and (3) the double-declining-balance method