On December 31, 2013, the Mallory Corporation had the following activity in its fixed assets record. Assume
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Question:
On December 31, 2013, the Mallory Corporation had the following activity in its fixed assets record. Assume all assets were purchased on January 1.
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.
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0073396958
2nd edition
Authors: David Haddock, John Price, Michael Farina
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