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 10. Hart Corporation owns machinery with a historical cost of $650,000 and accumulated depreciation of $80,000. At fiscal year-end 2026, it is estimated that the machinery will generate future cash flows of $600,000. If the machinery has a fair value of $420,000 at that time, Hart should recognize a loss on impairment of

23. CMM Oil Co., which uses the successful efforts method, purchased land and mineral rights for $1,190,000. Geological surveys estimated that a total of 50,000 barrels of oil was available on the land. After it has removed all the natural resources, the company must restore the property to its previous condition. CMM estimates they will need to pay $154,244 in seven years for restoration costs. It believes it will be able to sell the property afterwards for $400,000.CMM incurred $100,000 cost for locating oil and $50,000 in efforts that did not locate oil. Developmental costs of $200,000 were incurred before it was able to do any extraction. Of these costs, 75% were costs for movable equipment and the remainder on immovable equipment that will remain on the property once the mining project is complete. In the development stage, CMM also incurred $20,000 to operate the drill to create tunnels and shafts. During its first year, CMM incurred extraction costs of $200,000 in removing 10,000 barrels of oil. CMM sold 9,000 barrels at $60/barrel. CMM depreciates any equipment not capitalized into the depletion base using the s-l method, 10-year life, no salvage. CMM uses an interest rate of 8%. What value is reported on the balance sheet as natural resource, net depletion at the end of the year?

As diabetic retinopathy progresses, the presence of ‘cotton wool’ spots can be detected. Cotton wool spots refer to:

4. Byers Manufacturing has equipment that cost $660,000 and has accumulated depreciation of$300,000. When the equipment has a fair value of $600,000, it is exchanged for equipment with a fair value of $400,000, and $200,000 cash is received. The exchange lacked commercial substance. The gain to be recognized from the exchange is

Which of the following is false regarding the potential liability of a landlord?

Regarding unpaid rent, what is the difference between an assignment and a sublease?

 11. The recoverability test is used to determine any impairment loss on which of the following types of intangible assets?

Refer to question 22 above. 22b. Total amount of interest cost to be capitalized during 2020.

 3. Equipment that cost $150,000 on January 1, 2025 was disposed of for $25,000 in cash. Theaccumulated depreciation at the time of the sale was $130,000. The entry to record the salewould include a

16. Which of the following situations may give rise to unearned revenue?