mallory coorporation

Project Description:

case 3
[
mallory corporation
]
created by m. mari
fall 2014
page 1 of 1
on
december
31,
2013,
the
mallory
corporation
had
the
following
activity
in
its
fixed
assets
record.
assume
all
assets
were
purchased
on
january
1.
equipment
cost
salvage
date
life
method
of
depreciation
machine
1
$65,000
$5,000
2012
5
ddb
building
#3
$900,000
not
including
land
$50,000
2004
25
s/l
mine
316
$1,000,000
$0
2010
1,000,000
tons
30,000
tons
extracted
mine
682
$500,000
$100,000
2011
40,000
barrels
6,000
barrels
extracted
patent
$50,000
0
2010
17
truck
1
$35,000
$3,000
2010
200,000
miles
units
of
production:
total
miles
depreciated
to
date
are
60,000
as
of
january
1,
2006.
miles
this
year
30,000
truck
2
$50,000
$5,000
2009
150,000
miles
units
of
production,
miles
this
year
are
15,000
truck
3
$75,000
$10,000
2008
200,000
miles
units
of
production:
total
miles
depreciated
to
date
are
180,000
as
of
january
1,
2006.
miles
in
2006
are
30,000
miles.
machine
2
$100,000
$5,000
2003
10
s/l
required:

compute
the
depletion,
amortization,
and
depreciation
expense
on
december
31,
2013
for
each
asset
listed
above.

record
the
entries
for
the
assets
above

suppose
that
we
sold
machine
2
for
$50,000,
record
the
entry

suppose
that
the
building
life
increased
from
25
years
to
30
years,
revise
the
depreciation
and
prepare
the
entry.

suppose
that
the
corporation
spent
$20,000
in
2013
to
defend
the
patent.
record
the
entry.
Skills Required:
Project Stats:

Price Type: Fixed

Project Budget: $0 to $10
Completed
Total Proposals: 5
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