Presented below is selected information for Sandhill Company. Answer the questions asked about each of the factual situations. (Do not leave any answer field blank. Enter O for amounts.) (a) On January 1, 2017, Sandhill incurred organization costs of $265,000. What amount of organization expense should be reported in 2017? Amount to be reported 2$ (b) Sandhill bought a franchise from Carla Vista Co. on January 1, 2016, for $190,000. The carrying amount of the franchise on Carla Vista's books on January 1, 2016, was $238,000. The franchise agreement had an estimated useful life of 10 years. Because Sandhill must enter a competitive bidding at the end of 2018, it is unlikely that the franchise will be retained beyond 2025. What amount should be amortized for the year ended December 31, 2017? Amount to be amortized

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E5-8. Discontinued Operations. Elegant Homes Corporation provided the following statement of net income on December 31, 2022, before the disposal of a business segment. The income statement includes the results of operations of Elegant's mobile home division. The company made a commitment to dispose of the mobile home division on December 1, 2022. Elegant Homes Corporation Income Statement For the Year Ended December 31, 2022 Sales $500 Cost of Goods Sold (120) Gross Profit $380 Selling Expenses (80) General and Administrative Expenses (65) Other Revenues and Expenses (40) Loss on Asset Impairment (38) Income before Tax $157 Income Tax Expense (at 40%) (63) Net Income $ 94 The mobile home division accounts for 20% of sales, cost of goods sold, selling, and general and administra- tive expenses. Assume no gain or loss on remeasurement of the division. Prepare the multiple-step income statement for 2022 only, assuming that Elegant sells the segment on December 31 at a $130 pretax loss.…

Acute Company was incorporated on January 1, 2017. In preparing the financial statements for the year ended December 31, 2019, the entity used the following original cost and useful life for property, plant and equipment:                                             Original cost                    Useful life Building                                15,000,000                         15 years Machinery                            10,500,000                          10 years Furniture                                3,500,000                            7 years On January 1, 2020, the entity determine that the remaining useful life is 10 years for the building, 7 years for the machinery and 5 years for the furniture. The entity will use the straight line method of depreciation with no residual value. What is the total depreciation for 2020? a. 2,650,000 b.3,700,000 c. 2,550,000 d. 3,500,000