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1. UOP ACC 422 Week 4 WileyPLUS Assignment
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Exercise 11-4
Wenner Furnace Corp. purchased machinery for
$650,070 on May 1, 2012. It is estimated that it
will have a useful life of 10 years, salvage value of
$34,950, production of 559,200 units, and working
hours of 25,000. During 2013, Wenner Corp. uses
the machinery for 2,650 hours, and the machinery
produces 59,415 units.
From the information given, compute the
depreciation charge for 2013 under each of the

2. following methods. (Round answers to 0 decimal
places, e.g. $45,892.)
Problem 11-6
Conan O'Brien Logging and Lumber Company
owns 3,200 acres of timberland on the north side
of Mount Leno, which was purchased in 2000 at a
cost of $640 per acre. In 2012, O'Brien began
selectively logging this timber tract. In May of
2012, Mount Leno erupted, burying the
timberland of O'Brien under a foot of ash. All of the
timber on the O'Brien tract was downed. In
addition, the logging roads, built at a cost of
$159,000, were destroyed, as well as the logging
equipment, with a net book value of $323,200.
At the time of the eruption, O'Brien had logged
20% of the estimated 550,000 board feet of
timber. Prior to the eruption, O'Brien estimated
the land to have a value of $260 per acre after the
timber was harvested. O'Brien includes the logging
roads in the depletion base.
O'Brien estimates it will take 3 years to salvage the
downed timber at a cost of $707,400. The timber

3. can be sold for pulp wood at an estimated price of
$3 per board foot. The value of the land is
unknown, but must be considered nominal due to
future uncertainties.
(a) Determine the depletion cost per board foot
for the timber harvested prior to the eruption of
Mount Leno. (Round per unit answer to 2 decimal
places, e.g. 0.45.)
(b) Prepare the journal entry to record the
depletion prior to the eruption. (Round per unit
answer to 2 decimal places, e.g. 0.45 for
computational purpose and final answer to 0
decimal places, e.g. $45,892. If no entry is
required, select "No entry" for the account titles
and enter 0 for the amounts. Credit account titles
are automatically indented when amount is
entered. Do not indent manually.)
(c) If this tract represents approximately half of
the timber holdings of O'Brien, determine the
amount of the extraordinary loss due to the
eruption of Mount Leno for the year ended
December 31, 2012.

4. Exercise 12-16
Margaret Avery Company from time to time
embarks on a research program when a special
project seems to offer possibilities. In 2011, the
company expends $339,820 on a research
project, but by the end of 2011 it is impossible to
determine whether any benefit will be derived
from it.
(a) The project is completed in 2012, and a
successful patent is obtained. The R&D costs to
complete the project are $132,070. The
administrative and legal expenses incurred in
obtaining patent number 472-1001-84 in 2012
total $35,000. The patent has an expected useful
life of 5 years. Record these costs in journal entry
form. Also, record patent amortization (full year)
in 2012. (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
(b) In 2013, the company successfully defends the
patent in extended litigation at a cost of $52,000,
thereby extending the patent life to December 31,
2020. What is the proper way to account for this
cost? Also, record patent amortization (full year)

5. in 2013. (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
Problem 12-1
Reichenbach Co., organized in 2011, has set up a
single account for all intangible assets. The
following summary discloses the debit entries that
have been recorded during 2012 and 2013.
Intangible Assets
7/1/12 8-year franchise; expiration date 6/30/19
$57,520
10/1/12 Advance payment on laboratory space
(2-year lease) 25,320 12/31/12 Net loss for 2011
including state incorporation fee, $1,560, and
related legal fees of organizing, $4,700 (all fees
incurred in 2011) 15,170
1/2/13 Patent purchased (10-year life)
88,020
3/1/13 Cost of developing a secret formula
(indefinite life) 71,390 4/1/13 Goodwill
purchased (indefinite life)
279,860
6/1/13 Legal fee for successful defense of

6. patent purchased above 13,340
9/1/13 Research and development costs
154,400
Prepare the necessary entries to clear the
Intangible Assets account and to set up separate
accounts for distinct types of intangibles. Make the
entries as of December 31, 2013, recording any
necessary amortization and reflecting all balances
accurately as of that date. (Ignore income tax
effects.) (Credit account titles are automatically
indented when amount is entered. Do not indent
manually. Round all answers to 0 decimal places,
e.g. 8,564.)

7. patent purchased above 13,340
9/1/13 Research and development costs
154,400
Prepare the necessary entries to clear the
Intangible Assets account and to set up separate
accounts for distinct types of intangibles. Make the
entries as of December 31, 2013, recording any
necessary amortization and reflecting all balances
accurately as of that date. (Ignore income tax
effects.) (Credit account titles are automatically
indented when amount is entered. Do not indent
manually. Round all answers to 0 decimal places,
e.g. 8,564.)