Sunland Company purchased the assets of Blossom Company at an auction for $5350000. An independent appraisal of the fair value of the assets is listed below: Assuming that specific identification costs are impracticable and that Sunland allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Trucks? $3040000$3355000$2820000$1641171 On January 1, 2020, Sheffield Corp. purchased a new machine for $4330000. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $154000. Depreciation was computed using the sum-ofthe-years'-digits method. What amount should be shown in Sheffield's balance sheet at December 31, 2021, net of accumulated depreciation, for this machine? $4176000$2659600$3494800$2752400 Vaughn Manufacturing purchased a depreciable asset for $843900 on January 1, 2018. The estimated salvage value is $87000, and the estimated total useful life is 9 years. The straight-line method is used for depreciation. In 2021 , Vaughn changed its estimates to a total useful life of 5 years with a salvage value of $145000. What is 2021 depreciation expense? $223300$84100$252300$140650 Current Attempt in Progress The following information is available for Cullumber Company's patents: Cullumber would record a loss on impairment of $1841000.$645000.$1970000.$321000. Sunland Company's 12/31/21 balance sheet reports assets of $12300000 and liabilities of $5060000. All of Sunland's assets' book values approximate their fair value, except for land, which has a fair value that is $860000 greater than its book value. On 12/31/21, Egbert Corporation paid $12458000 to acquire Sunland. What amount of goodwill should Egbert record as a result of this purchase? $4358000$158000$0$5218000 In 2020. Wildhorse Co. reported a discontinued operations loss of $1230000, net of tax. It declared and paid preferred stock dividends of $125000 and common stock dividends of $375000. During 2020 . Wildhorse had a weighted average of 500000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by $1.71$1.46$2.46$2.21 Current Attempt in Progress Blossom Company reports: What is Blossom's ending cash balance? $620000.$420000.$540000.$390000. Consider the following: Cash in Bank - checking account of $19200, Cash on hand of $460, Post-dated checks received totaling $3530, and certificates of deposit totaling $123000. How much should be reported as cash in the balance sheet? $19200.$19660.$23190.$135400. Vaughn Corporation factored, with recourse, $210000 of accounts receivable with Monty Financing. The finance charge is 4%, and 6% was retained to cover sales discounts, sales returns, and sales allowances. Vaughn estimates the recourse obligation at $4700. What amount should Vaughn report as a loss on sale of receivables? $8400.$25700$13100$0. Vaughn Manufacturing had January 1 inventory of $300000 when it adopted dollar-value LIFO. During the year. purchases were $1900000 and sales were $2900000. December 31 inventory at year-end prices was $437760, and the price index was 114. What is Vaughn Manufacturing's gross profit? $2504240.$1348000$1137760$1095760. For 2020 , cost of goods available for sale for Sheridan Corporation was $5000000. The gross profit rate on sales was 20%. Sales for the year were $4500000. What was the amount of the ending inventory? $1400000.$0.$1000000.$900000. Vaughn Manufacturing purchased a depreciable asset for $699000 on April 1, 2018. The estimated salvage value is $69000, and the estimated useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumulated depreciation on May 1, 2021 when the asset is sold? $346500$388500$294000$252000
