Chapter 1, Problem 16.3EC

Please provide the correct answer to this general accounting problem using accurate calculations.

Larkson Equipment purchased a conveyor system for $52,000 on January 1, 2019. The system has an expected salvage value of $3,000 and is expected to be used for 200,000 hours over its estimated useful life of 8 years. Actual usage was 22,000 hours in 2019 and 18,500 hours in 2020. Calculate depreciation expense per hour under the units-of-activity method. (Round the answer to 2 decimal places).

Labor rate variance is?

Can you explain the correct methodology to solve this general accounting problem?

Please provide the correct answer to this general accounting problem using valid calculations.

Determine the number of units completed

Franklin Corp. has 25 million shares outstanding and trades at $38 per share. Franklin has net identifiable assets with a book value of $800 million and a fair value of $950 million. Riverdale Investments purchases all of Franklin Corp.'s stock for $48 per share. How much will Riverdale Investments record as goodwill upon acquiring Franklin Corp.?

I need assistance with this financial accounting question using appropriate principles.

I am looking for the correct answer to this general accounting problem using valid accounting standards.