Name INSERT YOUR ANSWER IN THE SLOT PROVIDED ON THE ANSWER SHEET. 1) ABC Co. purchased machinery that cost $200,000 on January 1, 2018. The entire cost was recorded as an expense. The machinery has a nine-year life and a $10,000 residual value. The error was discovered on December 20, 2021. Ignore income tax considerations. ABC's income statement for the year ended December 31, 2021, should show depreciation expense of 2) Maine Corporation prepared the following: Pretax financial income for 2021 Tax exempt interest Originating temporary difference $ 1,500,000 (140,000) (300,000) The temporary difference will reverse evenly over the next three years at an enacted tax rate of 20%. The enacted tax rate for 2021 is 25%. Compute Maine's income tax payable for the year 2021. 3) Equipment was purchased at the beginning of 2018 for $900,000. At the time of its purchase, the equipment was estimated to have a useful life of five years and a salvage value of $100,000. The equipment was depreciated using the straight-line method of depreciation through 2021. At the beginning of 2022, the estimate of useful life was revised to a total life of eight years and the expected salvage value was changed to $30,000. The amount to be recorded for depreciation for 2022 is 4) A change from straight line depreciation to double declining balance depreciation is an example of a change in an accounting principle. (answer True or False) 5) Lincoln Corporation reported $200,000 in revenues in its 2021 financial statements, of which S40,000 will not be included in the tax return until 2022. The enacted tax rate is 20% for 2021 and 25% for 2022. What amount should Lincoln report for deferred income tax liability in its balance sheet at December 31, 2021? 6) Accrued salaries payable of S150,000 were not recorded at December 31, 2020. Prepaid MacBook Air