Problem 1 A stamping machine was acquired with a cost of $2,350,000 and has an estimated useful life of 20 years. It is also expected to have a useful operating life of 30,500,000 widgets also. Assume that the stamping machine will have a residual value of $10,000, determine the depreciation for the first year by the following methods and round to the nearest cent if needed. Depreciation Method Calculation Amount (@) straight-line method (b) double-declining-balance method c)units-of-activity method (30,000 widgets were made the first year) Problem Two Carter Co. acquired timber for $6,000,000. The timber is estimated at 100,000,000 board feet. During the current year, 300,000 board feet were harvested. Journalize the adjusting entry at December 31 to recognize the depletion expense. Journal Date Description PR Debit Credit Calculation Problem 3 Identify the following as a fixed asset (FA), or intangible asset (IA), natural resource (NR), or none of these(N) a) Printer b) Franchaise c)oil reserve d) Tradename e) Accounts Payable f) land g) Timber h) Accounts Receivable