Current Attempt in Progress On January 2, 2025, Marigold Corp, began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2026 Expenditures for the construction were as follows January 2 2025 September 1, 2025 December 31, 2025 $606000 1807200 $3010200 $1208400 $1814400 $1509000 1807200 March 31, 2026 September 30, 2026 1203000 1807200 Marigold Corp, borrowed $3220000 on a construction loan at 11% interest on January 2, 2025. This loan was outstanding during the construction period. The company also had $11900000 in 86 bonds outstanding in 2025 and 2026 What were the weighted average accumulated expenditures for 20257
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- Exercise One On July 1, 2022, Phillips Inc. Invested $480,000 in a mine estimated to have 800,000 tonnes of ore. At the end of production at the mine, the company estimates it will have to spend $150,000 to restore the site to an environmentally acceptable condition. The property will then be sold for $90,000. During the last six months of 2022, 100,000 tonnes of ore were mined and sold. Amortizable Cost per Unit: Amount of Amortization Allocated: Amount to be allocated to the restoration liability: a) Prepare the journal entry to record the depletion expense. Date Particulars Debit CreditView Policies Current Attempt in Progress On October 1, 2022, Cullumber Manufacturing Company purchased a piece of high-tech equipment for $90,500 cash. Cullumber estimated the equipment would have a 8-year useful life and a residual value of $8,900. The company uses straight-line depreciation and has a September 30 fiscal year end. On October 1, 2024, Cullumber paid $15,100 cash to upgrade the equipment. It is expected that the upgrade will significantly reduce the operating costs of the equipment. Cullumber also reviewed the equipment's expected useful life and estimated that, due to changing technology, the equipment's total expected useful life will be 6 years and its residual value will be $4,600. Calculate the annual depreciation expense for the first two years of the equipment's life. Annual depreciation expense $ List of Accounts Calculate the carrying amount of the equipment at September 30, 2024. Carrying amount List of Accounts per year $Exercise 10-26 (Algo) Research and development [LO10-8] In 2021, Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology Engineering design work Development of a prototype device Acquisition of equipment Testing and modification of the prototype Legal and other fees for patent application on the new communication system Legal fees for successful defense of the new patent $2,700,000 820,000 440,000 74,000 340,000 54,000 34,000 $4,462,000 Total The equipment will be used on this and other research projects. Depreciation on the equipment for 2021 is $24,000. During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all of the above as costs of the patent. Management contends that the device simply represents an improvement of the existing communication system of the satellite and, therefore, should be…
- View Policies Current Attempt in Progress On February 1, 2020, Sunland Company purchased a parcel of land as a factory site for $313000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building $ 19600 Architect's fees 33700 Legal fees for title investigation and purchase contract 5700 Construction costs 1388000 (Salvaged materials resulting from demolition were sold for $10600.) Sunland should record the cost of the land and new building, respectively, as O $322000 and $1427400. O $322000 and $1421700. O $338300 and $1411100. O $327700 and $1421700.Current Attempt in Progress Marigold Paper Products purchased 10,400 acres of forested timberland in March 2025. The company paid $1,768 per acre for this land, which was above the $832 per acre most farmers were paying for cleared land. During April, May, June, and July 2025, Marigold cut enough timber to build roads using moveable equipment purchased on April 1, 2025. The cost of the roads was $260,600, and the cost of the equipment was $234,000; this equipment was expected to have a $9,360 salvage value and would be used for the next 15 years. Marigold selected the straight-line method of depreciation for the moveable equipment. Marigold began actively harvesting timber in August and by December had harvested and sold 561,600 board feet of timber of the estimated 7,020,000 board feet available for cutting. In March 2026, Marigold planted new seedlings in the area harvested during the winter. Cost of planting these seedlings was $125,100. In addition, Marigold spent $8,320 in road…On January 1, 2021 the national government provided a grant to Brgy ACYFA2 amounting to 24,000,000 intended to contrustruct a new barangay hall provided that the said construction was finished August 15, 2021 for an amount of P32,000,000 with best estimate of the useful life at 40 years Based on the problem, what is the net effect on the profit or loss for the year 2023? Ans: -200,000 *need solution*
- Expenditures After Acquisition Roanoke Manufacturing placed a robotic arm on a large assembly machine on January 1, 2019. At that time, the assembly machine was expected to last another 3 years. The following information is available concerning the assembly machine. The robotic arm cost $225,000 and was expected to extend the useful life of the machine by 3 years. Therefore, the useful life of the assembly machine, after the arm replacement, is 6 years. The assembly machine is expected to have a residual value of $120,000 at the end of its useful life. Required: 1. Prepare the journal entry necessary to record the addition of the robotic arm. 2. Compute 2019 depreciation expense for the machine using the straight-line method, and prepare the necessary journal entry. 3. What is the book value of the machine at the end of 2019? 4. CONCEPTUAL CONNECTION What would have been the effect on the financial statements if Roanoke had expensed the addition of the robotic arm?Current Attempt in Progress M On January 1, 2024, Nash Company, a small machine-tool manufacturer, acquired for $1,190,000 a piece of new industrial equipment. The new equipment had a useful life of 5 years, and the salvage value was estimated to be $72,200. Nash estimates that the new equipment can produce 12,000 machine tools in its first year. It estimates that production will decline by 1,140 units per year over the remaining useful life of the equipment. The following depreciation methods may be used: (1) straight-line, (2) double-declining-balance, (3) sum-of-the-years'-digits, and (4) units-of-output. For tax purposes, the class life is 7 years. Use the MACRS tables for computing depreciation. (a1)Materials used in research and development projects $4,500 Equipment acquired that will have alternative future uses in future R&D projects for five years 1,500 Personnel costs of employees involved in R&D projects 5,500 Consulting fees paid to outsiders for R&D projects 2,800 Indirect costs reasonably allocable to R&D projects 250 Legal fees associated with registration of a patent resulting from a 2020 R&D project 2,500 Required: Compute the amount of R&D costs that should be classified as expenses in determining 2020 net income.$fill in the blank 1
- View Policies Current Attempt in Progress Ivanhoe Company purchased a new machine on October 1, 2022, at a cost of $68,220. The company estimated that the machine has a salvage value of $6,540. The machine is expected to be used for 70,400 working hours during its 6-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, eg 5,275.25) 2022 2023 The depreciation expense under the straight-line method $ eTextbook and Media Attempts: 0 of 3 used Submit Answer Save for LaterView Policies Current Attempt in Progress Oriole uses the units-of-production method to calculate depreciation on its taxicabs. Each cab is expected to be driven 306,000 km over its life. Taxi 10 was purchased on March 1, 2020, for $31,140 and is expected to have a residual value of $540. Taxi 10 was driven 135,660 km in 2020 and 115,080 km in 2021. Oriole has a December 31 year end. Calculate the depreciation expense on Taxi 10 for 2020 and 2021. Year Depreciation expense 2020 2021 2$ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit AnswerReference: Case Study S Dunn Manufacturing is considering the following two alternatives. The cost information for the two proposals for replacing an equipment are provided are in table below. Initial cost Benefits/year Machine X $120,000 $20,000 for the first 10 years and $9,000 for the next 10 years Life Salvage value $40,000 MARR 5.2. The NPW of machine X is A) $35,158 B) $48,192 C) $50,752 Machine Y $96,000 $12,000 per year for 20 years. 20 years 8% $20,000