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20 Lactualtinal.SP20 - Compatibility Made Word Gurjeet Singh Insert Design Layout References Mailings Review View Help 20) Orange Corporation owns machinery with-a-book value of $570,000.-It is estimated that the machinery-will-generate future cash-flows of $580,000. The machinery has a fair value of $450,000. Orange-should-recognize-a-loss-on-impairment of 9 1 21) On-January 1, 2020,"Apple-Corporation purchased-a-mineral-mine-for-55,100,000-with- removable-ore-estimated-by geological surveys at 2,000,000 tons. The property has an estimated value of $300,000-after-the-ore-has been extracted. The company incurred- $1,500,000 of development costs preparing the mine-for production. During-2020, 800,000 tons were removed -and-500,000-tons were sold. What-is-the-amount of depletion that Apple-should-expense-for-2020? 9 I 22).Net-income-is-understated-if-in-the-firstyear, estimated-salvage-value-is excluded from the depreciation computation when using the double-declining balance method (answer yesorno). 23)-Apple-Corporation-acquired a copyright on September 1, 2020. Apple-paid cash-of 585,000-to-the-seller. Legal fees of $3,000 were paid related to the acquisition. What: amount should be-debited to the copyright-account? 24).Yellow Corporation purchased-a-limited-life-intangible asset for $375,000-on November 1, 2019. It has a useful life of 10 years. What total amount of amortization words here to search Focus i sem Design Layou References Mailings Review View Help 24)-Yellow Corporation purchased a limited life-intangible asset-for-$375,000 on November 1, 2019.-It-has a useful life-of-10-years. What total amount of amortization expense-should have been recorded on the intangible-asset by December 31, 2021? +7 259-ABC-Company purchased a patent on January 1, 2020-for $640,000. The patent-had-a remaining useful life-of-10-years-at-that-date. Im January of 2021, ABC-successfully defends the patent-at-a-cost of $288,000, extending the patent's life to December 30, 2030.- What amount of amortization-expense-would-ABC-record-in-2021? + 1 1 1 26)-Green-Company's December 31, 2021 balance sheet reports assets of $7,000,000-and- liabilities of $2,800,000.-All-of-Green's assets"-book-values approximate their-fair value, except for land, which has a fair value that is $400,000-greater than-its-bookvalue. On: December 31, 2021, Blue-Corporation paid-S7,100,000 to acquire-Green. What amount of goodwill-should-Blue-record-as-a-result of this purchase? 27) Blue Sky Co.-incurred research and development costs-in-2021-as-follows: --Materials used in research and development projects>$-950,0009 --Equipment acquired that will have-alternate-future-uses in future research and development projects 2,000,000 Depreciation for-2021-on-above equipment 400,000 Personnel costs of persons involved in research and development projects 750,0009 -Indirect costs reasonably allocable-to-research and development projects - - 225,0004 The amount of research and development costs charged-to-Blue Sky's 2021 income statement should be 20Lactualtinal SP2C - Compatibility Mode Word Home Insert Design Layout References Mailings Review View Help Gurjeet Singh 20 Green Company's December 31, 2021 balance sheet-reports-assets of $7,000,000-and- liabilities of $2,800,000.-All-of Green's assets' book values approximate their fair value, except-for-land, which has a fair-value-that-is-$400,000 greater than-its-book-value. On December 31, 2021, Blue-Corporation paid-57,100,000 to acquire-Green. What amount of goodwill-should-Blue-record as a result of this purchase? - 9 9 1 27)-Blue-Sky-Co. incurred research and development costs-in-2021-as follows: - Materials used in research and development projects*$-950,0009 -Equipment acquired-that-will-have-alternate-future-uses-in-future research and development projects 2,000,000 Depreciation-for-2021 on above equipment 400,000 --Personnel-costs of persons involved in research and development projects 750,000 Indirect costs reasonably allocable to research and development projects - - - - 225,000 The amount of research and development-costs-charged-to-Blue Sky's-2021-income statement should-be. 4 28) Depreciation-expense, depletion expense-and-amortization expense-are-all-expenses shown on an income statement (answer-true-or-false) ords

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