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Equipment acquired on January 1, 2021, is sold on June 30, 2024, for $14,500. The equipment cost $28,600, had an estimated residual value of $8,000, and an estimated useful life of 5 years. The company operates on a calendar year and the equipment has been depreciated using the straight-line method.  What amount of gain or loss should the company record on their financial statements for the year ended 2024?

On January 1, 2024, Eagle Corp. invests $225,000 in a 6 year certificate of deposit (“CD”) that pays 12% interest compounded quarterly.  How much will Eagle Corp.’s investment be worth at the end of the CD term (6 years).  (Use the appropriate future value factor table to answer the question and round to the nearest dollar).

A company has four types of products in its inventory. The company applies the rule of lower of cost and net realizable value to its inventory at the end of each year as shown below: Product Quantity Cost Net Realizable Value A 15 $ 7   $ 8   B 10   15     14   C 20   8     6   D 15   11     10   The year-end adjustment based upon the information above would include a:

Frederick Douglass 

On January 1, 2024 Eagle Corp. issued $4,000,000, 10 year, 12% bonds.  The bonds pay interest semi-annually.  At the time of issuance the market rate of interest is 8%.  Calculate the issue price of the bond.  (Use the appropriate factor tables and round to the nearest dollar).   Answer:  $_______

Hawthorne tried to disassociate himself from his family because of 

On January 1, 2024 Eagle Corp. purchased a patent for a drug from Bobcat Inc. for $600,000.  Bobcat Inc. had already used the patent for 8 years at the time Eagle Corp. purchased it.  Assuming Eagle Corp. plans to use the patent for the full legal life, calculate the amount of amortization expense that Eagle Corp. would record each year of the patent’s life.

In the selection from The Prairie, Nathaniel  

On January 1, 2024, Eagle Corp. issued $6 million, 10 year, 8% bonds with interest to be paid annually.  Eagle Corp. issued the bonds for $6,504,953 since the market rate of interest was 6% on the issue date.  What is the total amount of interest expense that Eagle Corp. should report on its December 31, 2025 income statement? (round to the nearest dollar)   Answer:  $_______

Eagle Corp.’s 2024 income statement reported total revenues of $550,000 and total expenses of $515,000 (including $30,000 of depreciation).  The 2024 comparative balance sheet reported the following: cash- beginning balance, $50,000 and ending balance, $55,000; accounts receivable- beginning balance, $45,000 and ending balance $60,000; inventory- beginning balance, $58,000 and ending balance, $45,000; Equipment- beginning balance, $225,000 and ending balance, $200,000; accounts payable- beginning balance, $50,000 and ending balance $55,000.  In addition to this information, Eagle Corp. also reported a $10,000 loss on the sale of equipment.  Therefore, based only on this information, 2024 net cash inflow from operating activities was: