Chapter 9, Problem 1EYCT

Answer the below in descending order and to zero decimal places. Thank you

Part 1  A. On September 22, 2023, Phantom Inc. purchased machinery for $190,000. Residual value was estimated to be $10,000. The machinery will be depreciated over eight years using the sum-of-the-years’-digits method. If depreciation is computed on the basis of the nearest full month, how much depreciation expense for 2024 on this machinery should Marvel record?  $ B. Bower Co. purchased equipment in January of 2014 for $90,000. The equipment was being depreciated on the straight-line method over an estimated useful life of 20 years, with no residual value. At the beginning of 2024, when the equipment had been in use for 10 years, the company paid $15,000 to overhaul the equipment. As a result of this improvement, the company estimated that the useful life of the equipment would be extended an additional 5 years. What should be the depreciation expense recorded for this equipment in 2024? $   C.    In January, 2024, Sparkle Corporation purchased a mineral mine for $3,400,000 with…

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D.  Star Company purchases Stripe Inc. for $13,985,000 cash on January 1, 2024.  The book value of Stripe Inc. net assets reported on its December 31, 2023 statement of financial position was $12,620,000. Star’s December 31, 2023 analysis indicated that the fair value of Stripe’s tangible assets exceeded the book value by $560,000, and the fair value of identifiable intangible assets exceeded book value by $245,000. How much goodwill should be recognized by Star Company when recording the purchase of Stripe Inc.?  $   E.   Benz Co. incurred research and development costs in 2024 as follows: Materials used in research and development projects $    450,000 Equipment acquired that will have alternate future uses in future research and development projects 3,000,000 Depreciation for 2024 on above equipment 300,000 Personnel costs of persons involved in research and development projects 750,000 Consulting fees paid to outsiders for research and development…

Set the answers to zero decimal places.

On January 1, 2020, Floss Company purchased a copyright for $1,000,000, having an estimated useful life of 16 years. In January 2024, Floss Company paid $150,000 for legal fees in a successful defense of the copyright. What should be the amount of copyright amortization expense for the year ended December 31, 2024?  $

Star Company purchases Stripe Inc. for $13,985,000 cash on January 1, 2024.  The book value of Stripe Inc. net assets reported on its December 31, 2023 statement of financial position was $12,620,000. Star’s December 31, 2023 analysis indicated that the fair value of Stripe’s tangible assets exceeded the book value by $560,000, and the fair value of identifiable intangible assets exceeded book value by $245,000. How much goodwill should be recognized by Star Company when recording the purchase of Stripe Inc.?  $

A. On September 22, 2023, Phantom Inc. purchased machinery for $190,000. Residual value was estimated to be $10,000. The machinery will be depreciated over eight years using the sum-of-the-years’-digits method. If depreciation is computed on the basis of the nearest full month, how much depreciation expense for 2024 on this machinery should Marvel record?  $

On October 5, LASCO Traders sold goods worth $170,000 to Retailers Plus.   LASCO uses the net method to record sales. Terms:  3/15, EOM   On October 16, LASCO received payment by cheque from Retailers Plus for $70,000 worth of goods that were sold on October 5.   On October 31, Retailers Plus issued a 60-day 5% note to LASCO Traders for the outstanding balance from the October 5 sales.