At December 31, 20X0, the following existed in the records of Loren Company: Fixed Assets - $8,600,000; Accumulated Depreciation - $3,970,000. During the year ended September 30,20X1, fixed assets with a written down value of $370,000 was sold for $490,000. The plant had originally cost $800,000. Fixed assets purchased during the year cost $1,800,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale, using a rate of 10% on the straight line basis. What net amount (book value) should appear in the statement of financial position as of September 30, 20X1 for fixed assets?

On its December 31 prior year balance sheet, Calgary Industries reports equipment of $540,000 and accumulated depreciation of $91,000. During the current year, the company plans to purchase additional equipment costing $97,000 and expects depreciation expense of $47,000. Additionally, it plans to dispose of equipment that originally cost $59,000 and had accumulated depreciation of $7,300. The balances for equipment and accumulated depreciation, respectively, on its December 31 current year budgeted balance sheet are: Multiple Choice $578,000; $138,000. $481,000, $91,000, O $637,000; $130,700 $637,000; $138,000 $578,000, $130,700.

Solare Company acquired mineral rights for $287,200,000. The diamond deposit is estimated at 35,900,000 tons. During the current year, 3,660,000 tons were mined and sold. a.  Determine the depletion rate.$fill in the blank 5df5b004305d067_1 per ton b.  Determine the amount of depletion expense for the current year.$fill in the blank 5df5b004305d067_2 c.  Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31   fill in the blank 0ae001fa5fd7fc8_2 fill in the blank 0ae001fa5fd7fc8_3     fill in the blank 0ae001fa5fd7fc8_5 fill in the blank 0ae001fa5fd7fc8_6

Delso Company purchased the following on January 1, 20x1: • Office equipment at a cost of $54,000 with an estimated useful life to the company of three years and a residual value of $16,200. The company uses the double-declining-balance method of depreciation for the equipment. • Factory equipment at an invoice price of $741,000 plus shipping costs of $36,000. The equipment has an estimated useful life of 105,000 hours and no residual value. The company uses the units-of-production method of depreciation for the equipment. • A patent at a cost of $252,000 with an estimated useful life of 12 years. The company uses the straight-line method of amortization for intangible assets with no residual value. The company's year ends on December 31. Required: 1-a. Prepare a partial depreciation schedule of office equipment for 20x1, 20x2, and 20x3. 1-b. Prepare a partial depreciation schedule of factory equipment. The company used the equipment for 8,600 hours in 20x1, 9,800 hours in 20x2, and…