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Use the following to answer questions 23.30 PMI Corp. reported the following income statement results: Sales Sales returns & allowances Gross profit Operating expense Gain on sale of equipment Net income $945,700 5,700 430,000 310,000 6,000 102,500 23. $ Calculate Net sales 24. $ Calculate Cost of Goods Sold Calculate operating income Calculate Income before Income tax (IBT) Calculate income tax expense - __%. Calculate the gross profit margin (one decimal place) 29. - __%. Calculate the profit margin (one decimal place) 30. $_ determine IBT. _Assume the company had a loss (instead of the gain) on the sale of equipment of $3,000 Use the following to answer questions 31-32 Last year T, Inc., had the following expenditures related to developing its trademark: General advertising costs Advertising specifically focused on trademark Legal fees to register trademark Legal fees for successful defense of new trademark Total $224,000 45,600 600 75,000 $345,200 During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all the above as costs of the trademark. Management contends that all the costs increase the value of the trademark and, therefore, should be capitalized. 31. Which of the above costs should NOT be capitalized? 32. S What is the total cost that should be capitalized to the trademark account? account? 2. How should the sale of salvaged materials" be recorded? A As an added cost of the land D'As a reduction of the cost of the land C. As an added cost to the building D. As a reduction of the cost of the building 3. $_32 What amount should be recorded to the Land account? 4. $2574000what amount should be recorded to the Building account? Use the following to answer questions 5-15 (Straight Line, 180% declining balance and Activity Based) R Transport purchased a new semi-trailer truck for an acquisition cost of $300,000. The company estimates the truck will have a residual value of $50,000 when they are done using it at the end of 5 years or about 500,000 miles. Answer 5-8 based on Straight line depreciation 5. $0. Year 2 depreciation expense 6. $ 200,00 Book value at the end of year 2 7. $ 150,000 Accumulated depreciation for year 3 8. $ 150000_Book value at the end of year 3 Chapter 7 Spring 2020 Page 7-10 GENUT INTON Tasta MSM