138. On June 30, 2009, Mobley Corporation acquired a patent for $4 million. The patent was estimated
to have an eight-year life and no residual value. Mobley uses the straight-line method of amortization
for intangible assets. At the beginning of Jan
Kentfield Corporation has $260 million of goodwill on its book from the 2008 acquisition of Seaford
Shipping. At the end of its 2011 fiscal year, management has provided the following information for its
annual goodwill impairment test ($ in millions
117.In its 2007 annual report to shareholders, Martin Marietta Materials, Inc. included the following in its
financial statement footnotes:
NOTE F: PROPERTY, PLANT AND EQUIPMENT, NET
In another disclosure note, the company reported:
99. Canliss Mining uses the replacement method to determine depreciation on its office equipment. During
2009, its first year of operations, office equipment was purchased at a cost of $14,000. Useful life of the
equipment averages 4 years and no salvage
102.Required: Compute depreciation for 2011 and 2012 and the book value of the drill press at December 31,
2011 and 2012, assuming the straight-line method is used.
103.Required: Compute depreciation for 2011 and 2012 and the book value of the drill press
36. In the first year of an asset's life, which of the following methods has the smallest depreciation?
Composite or group.
37. An asset acquired January 1, 2011, for $15,000 with an
59. Jennings Advertising Inc. reported the following in its December 31, 2011, balance sheet:
In a disclosure note, Jennings indicates that it uses straight-line depreciation over 10 years and estimates
salvage value at 10% of cost. What is the average ag
90. Robertson Inc. prepares its financial statements according to International Financial Reporting Standards.
At the end of its 2011 fiscal year, the company chooses to revalue its equipment. The equipment cost
$540,000, had accumulated depreciation of $