ACC 291 Final Exam 1.docx - ACC 291 Final Exam 1 Question...

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ACC 291 Final Exam 1. Question 207 On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is depreciation expense for year 2 under double-declining-balance method of depreciation?
2. IFRS Multiple Choice Question 01 As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of following correctly describes component depreciation?
3. Multiple Choice Question 198 Given following account balances at year end, compute total intangible assets on balance sheet of Janssen Enterprises. Cash $1,500,000 Accounts Receivable 4,000,000 Trademarks 1,000,000 Goodwill 2,500,000 Research & Development Costs 2,000,000 $3,500,000.
4. Multiple Choice Question 146
5. Multiple Choice Question 188 Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on January 1, 2013. bonds had a face value of $400,000, pay interest annually on December 31st, and have a call price of 102. Sparks uses straight-line method of amortization. What is carrying value of bonds on January 1, 2015?
6. Multiple Choice Question 90 S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee of approximately $15,000 by issuing 8,000 shares of its common stock (par $1). stock trades on a daily basis and market price of stock on day debt was settled is $1.80 per share. Given this information, best journal entry for E. Corp. to record for this transaction is
7. Multiple Choice Question 110 Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash at $60 per share. entry to record transaction will consist of a debit to Cash for $3,000,000 and a credit or credits to

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