Copycat Copy Shop bought equipment for $16,000 on January 1, 2023. Copycat estimated the useful life...

    

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Copycat Copy Shop bought equipment for $16,000 on January 1, 2023. Copycat estimated the useful life to be four years with no residual value, and the straight-line method of depreciation was used. On December 31, 2024, prior to recording depreciation for that year, Copycat decides that the business will use the equipment for a total of five years. What is the depreciation expense for 2024? Beaches Ltd. reviews its assets every fiscal year for potential asset impairments. In the current year Beaches realizes through its impairment assessment that a specialized machine has a recoverable amount of $360,500. This asset carries a cost of $890,000 and up-to-date accumulated depreciation of $549,200. What amount would be reported as an impairment loss on their current income statement at year end? Mining Plus Company invests $7 million in a mine that is estimated to have 5 million tonnes of ore and a $250,000 residual value. In the first year, 20,000 tonnes are extracted but only 7,500 tonnes are sold. How much is the total depletion for the year? Food Plus Corp. has a rewards program whereby customers get 1 point for every $10 spent on groceries. Each point is redeemable for a $1 discount toward the future purchase of groceries. During the month of May, Food Plus sells goods worth $50,000 and consequently rewards customers 5,000 points. Based on past history, Food Plus estimates that 90% of the rewards will be redeemed. Therefore, it is expected that 4,500 points will be redeemed with a stand-alone value of $4,500. A portion of the $50,000 of sales is to be allocated to the rewards program based on the total stand-alone value of $54,500 ($50,000+ $4,500). What is the revenue allocation for the current sales? Copycat Copy Shop bought equipment for $16,000 on January 1, 2023. Copycat estimated the useful life to be four years with no residual value, and the straight-line method of depreciation was used. On December 31, 2024, prior to recording depreciation for that year, Copycat decides that the business will use the equipment for a total of five years. What is the depreciation expense for 2024? Beaches Ltd. reviews its assets every fiscal year for potential asset impairments. In the current year Beaches realizes through its impairment assessment that a specialized machine has a recoverable amount of $360,500. This asset carries a cost of $890,000 and up-to-date accumulated depreciation of $549,200. What amount would be reported as an impairment loss on their current income statement at year end? Mining Plus Company invests $7 million in a mine that is estimated to have 5 million tonnes of ore and a $250,000 residual value. In the first year, 20,000 tonnes are extracted but only 7,500 tonnes are sold. How much is the total depletion for the year? Food Plus Corp. has a rewards program whereby customers get 1 point for every $10 spent on groceries. Each point is redeemable for a $1 discount toward the future purchase of groceries. During the month of May, Food Plus sells goods worth $50,000 and consequently rewards customers 5,000 points. Based on past history, Food Plus estimates that 90% of the rewards will be redeemed. Therefore, it is expected that 4,500 points will be redeemed with a stand-alone value of $4,500. A portion of the $50,000 of sales is to be allocated to the rewards program based on the total stand-alone value of $54,500 ($50,000+ $4,500). What is the revenue allocation for the current sales?