whats the answeer in m8 7

M8-5 Computing Book Value (Double-Declining-Balance Depreciation) LO8-3 Calculate the book value of a three-year old machine that has a cost of $55,000, an estimated residual value of $5.000, and an estimated useful life of five years. The company uses double-declining-balance depreciation. Round to the nearest dollar. M8-6 Computing Book Value (Units-of-Production Depreciation) LO8-3 Calculate the book value of a three-year old machine that has a cost of $26,000, an estimated residual value of $1,000, and an estimated useful life of 50,000 machine hours. The company uses units-of- production depreciation and ran the machine 3,200 hours in Year 1: 7,050 hours in Year 2; and 7,500 hours in Year 3. M8-7 Identifying Asset Impairment LO8-4 For each of the following scenarios, indicate whether an asset has been impaired (Y for yes and N for no) and, if so, the amount of loss that should be recorded. Is Asset Impaired? Amount of Loss a Machine b. Copyright c. Factory building d Building Book Value $ 15.500 $ 31,000 $ 58,000 $227,000 Estimated Future Cash Flows $ 10,000 $ 41,000 $ 29,000 $227,000 Fair Value $ 9,500 $ 37,900 $ 27,000 $200,000 M8-8 Recording the Disposal of a Long-Lived Asset (Straight-Line Depreciation) LO8-5 As part of a major renovation at the beginning of the year. Bonham's Bakery sold shelving units (store fixtures) that were 10 years old for $1,800 cash. The original cost of the shelves was $6,500 and they had been depreciated on a straight-line basis over an estimated useful life of 12 years with an estimated residual value of $800. Record the sale of the shelving units. M8-9 Computing Goodwill and Patents LO8-6 Elizabeth Pie Company has been in business for 50 years and has developed a large group of loyal res- taurant customers. Giant Bakery Inc. has made an offer to buy Elizabeth Pie Company for $5,000,000 The book value of Elizabeth Pie's recorded assets and liabilities on the date of the offer is $4,300,000 with a fair value of $4,500,000. Elizabeth Pie also (1) holds a patent for a pie crust fluting machine that the company invented (the patent with a fair value of $300,000 was never recorded by Elizabeth Pie because it was developed internally) and (2) estimates goodwill from loyal customers to be $310,000 (also never recorded by the company). Should Elizabeth Pie Company management accept Giant Bak- ery's offer of $5,000,000? If so, compute the amount of goodwill that Giant Bakery should record on the date of the purchase M8-10 Preparing the Statement of Cash Flows LO8-7 Garrett Company had the following activities for a recent year ended December 31: Sold land that cost $20,000 for $20,000 cash: purchased $181,000 of equipment, paying $156,000 in cash and signing a note payable for the rest; and recorded $5,500 in depreciation expense for the year. Net income for the year was $18,000. Compute (1) cash provided by operating activities and (2) cash used in investing activities for the year based on the data provided