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代写金融留学生编程题目:AC321 F17 Ex #4 Ch 10-12 … Name(s)

2017-11-15 08:00 星期三 所属: 其他代写 浏览:682

 

  AC321 F17 Ex #4 Ch 10-12  … Name(s) 

  

  

Instructions: Place your responses in the blank space below the question. Show all of your work and label (name) your numbers. 

  

Points are allocated to the work/labels you show, as well as the final answer. Show work and label your numbers for all numbers that do not appear in the 

  

problem. 

  

Place your final response on the line provided, where appropriate. 

  

  

1. Marshall Corporation bought land and a building for $1,012,500. They made the purchase with the intent of using the site for a factory. Marshall tore down the building at a cost of $90,000 and sold scrap from the tear-down for $6,075. Additional costs related to this property include: 

  

Attorney fees for the title search 

$ 3,915 

Title insurance cost 

2,700 

Architect fees 

35,100 

Excavation costs 

11,745 

Contractor costs 

3,150,000 

Liability insurance during construction 

2,925 

Assessment by the city for pavement 

191,250 

  

What is the cost of the land? 

  

  

  

  

  

  

$ ____________________ (6 pts) 

  

2. McClain, Inc. purchased a group of assets for $2,800. The assets purchased (and their market values) were land ($950), building ($1,400), equipment ($1,050), and a truck ($1,700). McClain allocates the cost of these assets based on the relative fair market values. How much of the cost is allocated to the building? (Do not round until your final answer. Your final answer should be in whole dollars (no decimals)). 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

$ _______________ (6) 

 

 

 

  

  

  

  

1 

 

 

   AC321 F17 Ex #4 Ch 10-12  … Name(s) 

  

  

3. Turkey Incorporated began constructing a building on the 1st of January and completed construction on the 31st of December, of the same year. Cost on the construction during this one-year period were as follows: 

  

March 1 

$3,200 

June 1 

2,280 

Dec 31 

4,000 

  

On January 1,Turkey borrowed $1,600 to finance the construction. They signed a 5-year, 12% note when they borrowed the money. Additional debt Turkey owed during the entire year included a 10%, 3-year, $2,400 note and an 11%, 4-year, $6,000 note. (Round intermediate calculations to four decimals and final answers to whole dollars). 

  

(a) What are the weighted average accumulated expenditures? 

  

  

  

  

  

  

  

$ ____________________ (a) (5) 

  

(b) What is the amount of avoidable interest? 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

$ ____________________ (b) (8) 

  

(c) How much interest is capitalized for the year? Show how you made this decision. 

  

  

  

  

  

  

  

$ ____________________ (c) (4) 

 

 

 

  

  

  

  

2 

 

 

   AC321 F17 Ex #4 Ch 10-12  … Name(s) 

  

  

4. Melody Corporation purchased a machine for $380,000. This machine has a useful life of 10 

 

  

 

years and an estimated salvage of $20,000. Depreciation was recorded on a straight-line basis for 9 years. After recording depreciation expense in the 9th year, Melody sold the machine for $70,000. 

 

  

 

(a) What is the carrying value of the machine at the point of sale? 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

$ ____________________ (a) (6) 

 

  

 

(b) How much gain or loss should Melody record on the sale of the machine? 

 

  

 

  

 

 

  

 

  

 

  

 

$ ____________________ (b) (4) Circle appropriate response: Gain / Loss 

 

  

 

5. Cranberry Inc. purchased a piece of equipment on April 1, 2016 for $140,000. The equipment has a residual value of 20,000 and an estimated useful life of 5 years. Cranberry uses the sum-of-the-years digits to record depreciation expense on this equipment. 

 

  

 

(a) How much is the depreciation expense in 2018? 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

$ ____________________ (5) 

 

 

 

 

  

  

  

  

3 

 

 

   AC321 F17 Ex #4 Ch 10-12  … Name(s) 

  

  

(b) What is the balance in the Cranberry’s Accumulated Depreciation account for the equipment after recording depreciation expense in 2018? 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

$ ____________________ (6) 

 

  

(c) What is the carrying value that Cranberry will report on the Balance Sheet for the equipment in 2018? 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

$ ____________________ (4) 

 

  

 

6. Mashed Potato Inc. purchased a machine in January of 2009 for $20,000. The machine had an estimated useful life of 10 years, no salvage value, and was depreciated on a straight-line basis. At the beginning of 2018, Mashed Potato overhauled the machine at a cost of $50,000, which the extended the machine’s original life by 5 years. What is the amount of depreciation expense for the machine in 2018? 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

$ ____________________ (7) 

 

 

 

 

  

  

  

  

  

4 

 

 

   AC321 F17 Ex #4 Ch 10-12  … Name(s) 

  

  

7. Gravy Incorporated owns machinery with a book value of $190,000. Expected future cash flows of $175,000 is estimated. The machinery has a fair value of $140,000. How much, if any, is the loss on impairment? 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

$ ____________________ (4) 

 

  

 

8. GreenBeanCasserole (GBC) Corporation incurred $480 of research and development costs to develop a product for which a patent was granted on January 1, 2014. Legal fees and other costs associated with registration of the patent totaled $80,000. On January 1, 2016, GBC paid $175,000 for legal fees in a successful defense of the patent. 

 

  

 

(a) What is the total amount capitalized for the patent through January 1, 2016? 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

$ ____________________ (4) 

 

  

 

(b) How much is the Amortization Expense for the patent in 2017? 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

$ ____________________ (6) 

 

 

 

 

  

  

  

5 

 

 

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