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Flowerworks Corporation purchases a vehicle for $32,800 to deliver flowers to the surrounding community. Flowerworks estimates that at the end of its four-year useful life, the delivery vehicle will be worth $4800. During the four-year period, the company plans to drive the vehicle 175,000 miles. Actual miles driven each year were 45,000 miles in year 1 and 53,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the vehicle using each of the following methods. (Do not round your intermediate calculations.) 1 Straicht-line

Flowerworks Corporation purchases a vehicle for $32,800 to deliver flowers to the surrounding community. Flowerworks estimates that at the end of its four-year useful life, the delivery vehicle will be worth $4800. During the four-year period, the company plans to drive the vehicle 175,000 miles. Actual miles driven each year were 45,000 miles in year 1 and 53,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the vehicle using each of the following methods. (Do not round your intermediate calculations.) 1 Straicht-line

FINANCIAL ACCOUNTING
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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Flowerworks Corporation purchases a vehicle for $32,800 to deliver flowers to the surrounding community. Flowerworks estimates that at the end of its four-year useful life, the delivery vehicle will be worth $4,800. During the four-year period, the company plans to drive the vehicle 175,000 miles. Actual miles driven each year were 45,000 miles in year 1 and 53,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the vehicle using each of the following methods. (Do not round your intermediate calculations.) 1. Straight-line. Annual Year Depreciation 1 2. Double-declining-balance. Annual Depreciation Year 1 3. Activity-based. Annual Year Depreciation 1
Transcribed Image Text:Flowerworks Corporation purchases a vehicle for $32,800 to deliver flowers to the surrounding community. Flowerworks estimates that at the end of its four-year useful life, the delivery vehicle will be worth $4,800. During the four-year period, the company plans to drive the vehicle 175,000 miles. Actual miles driven each year were 45,000 miles in year 1 and 53,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the vehicle using each of the following methods. (Do not round your intermediate calculations.) 1. Straight-line. Annual Year Depreciation 1 2. Double-declining-balance. Annual Depreciation Year 1 3. Activity-based. Annual Year Depreciation 1
Fresh Tomato Company purchased all the outstanding common stock of Fincel Corn Company for $35,000,000 in cash. Following are the book values and fair values of Fincel's assets and liabilities: Fair Value $13,000,000 $16,000,000 33,400,000 5,600, 000 9,000,000 15,000,000 Book Value Current assets Property, plant, and equipment Other assets Current liabilities Long-term liabilities 27,400,000 4,600,000 9,000, 000 16,000,000 Required: Calculate the amount paid for goodwill. (Enter your answer in millions (i.e. 5,000,000 should be entered as 5).) Amount paid for goodwill million
Transcribed Image Text:Fresh Tomato Company purchased all the outstanding common stock of Fincel Corn Company for $35,000,000 in cash. Following are the book values and fair values of Fincel's assets and liabilities: Fair Value $13,000,000 $16,000,000 33,400,000 5,600, 000 9,000,000 15,000,000 Book Value Current assets Property, plant, and equipment Other assets Current liabilities Long-term liabilities 27,400,000 4,600,000 9,000, 000 16,000,000 Required: Calculate the amount paid for goodwill. (Enter your answer in millions (i.e. 5,000,000 should be entered as 5).) Amount paid for goodwill million
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