After first recording any impairment losses on plant and equipment and the patent. Required: 1. Compute the book value of the plant and equipment and patent at the end of 2024. 2. When should the plant and equipment and the patent be tested for impairment? 3. When should goodwill be tested for impairment? 4. Determine the amount of any impairment loss to be recorded, if any, for the three assets. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the book value of the plant and equipment and patent at the end of 2024. Note: Enter your answers in millions rounded to 1 decimal place. For example, $5,500,000 should be entered as $5.5. Plant and equipment Book Value million Patent million

Answer the required part: a. Entries to record the purchase of the land and other costs related to the mining activities in the year 2020. b. Entries to record the depletion expense for the years 2021 and 2022. Please complete your answers. Thank you!

REQUIRED:  A. Based on the application of the necessary procedures and appreciation of the above data, you are to provide the answers to the following: 1. What is the gain on sale of truck on September 30? 2. What is the gain on sale of machinery on December 20? 3. What is the adjusted balance of the cost of property, plant and equipment as of December 31, 2022? 4. What is the total depreciation expense for the year ended December 31, 2022? 5. What is the carrying amount of the property, plant and equipment as of December 31, 2022? B. Show the lapsing schedule as of December 31, 2022.

Complete a depreciation schedule to enter fixed-asset data in an Excel table, calculate depreciation expense, and analyze the table data. (Chapter 6) Use this information, provided as of 1/31/2019, to create the depreciation schedule as of 1/31/2020 using appropriate headers and a table in which all pertinent information is displayed: Date of Salvage Useful Life Accumulated Value $2,000 $1.300 $900 Fixed Asset Cost Acquisition $32,000 $11.300 $6.900 (years) Depreciation $15,000 $2.000 $4.000 Automobile 1/31/2014 10 Store Fixtures 1/31/2018 Office Equipment 1/31/2015 6 CraftWorld uses the straight-line method of depreciation. In addition to the fixed assets shown, the company acquired new furniture on 1/31/2019. It cost $3,100, has an estimated four-year useful life, and an estimated salvage value of $300. Create the table so each of the six categories shown above is displayed in a separate column (note that some figures may appear different in your 1/31/2020 table than in the 1/31/2019…