I need the answer as soon as possible Redlands Inc. made the following investments on January 1, 2020, its first year of business:ItemCostExpected LifeCost AllocationWarehouse $10020 yearsStraight-lineMachine6010 yearsDouble-decliningPatent205 yearsStraight-lineInvest in stock*10IndefiniteNot applicable* Rancho's stock had a fair (market) values of $8 and $7 on December 31, 2020 and December 31,2021, respectively.Required (A):1. Present the depreciation, amortization, and losses on the 2020 income statements.2. Report the book values of the long-term assets on the December 31, 2020 balance sheet.

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Answered: 1. Present the depreciation,…

1. Present the depreciation, amortization, and losses on the 2020 income statements. 2. Report the book values of the long-term assets on the December 31, 2020 balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

I need the answer as soon as possible

Redlands Inc. made the following investments on January 1, 2020, its first year of business:
Item
Cost
Expected Life
Cost Allocation
Warehouse $100
20 years
Straight-line
Machine
60
10 years
Double-declining
Patent
20
5 years
Straight-line
Invest in stock*
10
Indefinite
Not applicable
* Rancho's stock had a fair (market) values of $8 and $7 on December 31, 2020 and December 31,
2021, respectively.
Required (A):
1. Present the depreciation, amortization, and losses on the 2020 income statements.
2. Report the book values of the long-term assets on the December 31, 2020 balance sheet.

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