P9-28A (p.517) :Capitalized asset cost and first year depreciaton, and identifying depreciation results that meet management objectives*On January 9, 2010, Swifty Delivery Service purhcased a truck at a costof \$67,000. Before placing the truck in service, Swifty spent \$2,200painting it, \$500 replacing tires, and \$5,000 overhauling the engine.The truck should remain in service for 6 years and have a residulalvalue of \$14,700. The trucks annual mileage is expected to be 15,000miles in each of the first 4 years and 10,000 miles in each of the next 2years-80,000 miles in total. In deciding which depreciation method touse, Jerry Speers, the general manager, requests a depreciation schedulefor each of the depreciation methods (straight-line, units-ofproduction, and double-declining blanace).REQUIREMENTS:1.Prepare a depreciation schedule for each depreciation method, showingasset cost, depreciation expense, accumulated depreciaiton, and assetbook value.2.Swifty prepares fianancial statements using the depreciation methodthat reports the highest net income in the early years of asset use. Forincome-tax purposes, the company uses the depreciation method thatminimizes income taxes in the early years. Consider the first year thatSwifty uses the truck. Identify the deprecitiaon methods that meet thegeneral managers objectives, assuming the income tax authorities permitthe use of any of the methods.P10A-9B: p.586 -Calculating present value Axel needs new manufacturing equipment. Two companies can provide similar equipment but unde different payment plans:Plan A: MRE offers to let Axel pay \$55,000 each year for five years. The payments include interest at 12% per year.Plan B:Westernhome will let Axel make a single payment of \$425,000 at the endof five years. This payment includes both principal and interest at12%. REQUIREMENTS:1. calculate the present value of PLAN A.2. calculate the present value of PLAN B.3.Axel will purchase the equipment that costs the least, as measured bypresent value. Which equipment should Axel select? Why? (challenge)P11-29A p. 631: Analyzing the stockeholders equity section of the balance sheetThe balance sheet of Ballcraft, Inc, reported the following:Preferred stock, \$6 par, 6%       5,000 shares authorized and issued……………………………….. \$ 30,000Common stock, \$4.00 par value, 45,000 shares authorized;       10,000 shares issued…………………………………………………….  40,000Additional paid-in capital-common…………………………………………..  219,000Total paid-in capital……………………………………………………………..  289,000Retained earnings……………………………………………………………….  90,000Total stockholders equity……………………………………………………..\$  379,000Preferreddividends are in arrears for two years, including the current year. Onthe balance sheet date, the market value of the Ballcraft common stockwas \$31 per share. Requirements1. Is the preferred stock cumulatie or noncumulative? How can you tell?2. What is the total paid-in capital of the company?3. What was the total market value of the common stock?4. Compute the book value per share of the common stock.Use the attached excel spreadsheet for the answers.Attachments: m4_a3.xls

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