ACC 304 All Assignments ACC 304 All Assignments | Page 181

the end of year 1, independent appraisers determine that the asset has
a fair value of $1,500,000.
The journal entry to adjust the plant assets to fair value and record
revaluation surplus in year one will include a
3) A major objective of MACRS for tax depreciation is to
4) Sifton Company reported the following data:
2014
Sales
2015
$3,000,000
Net Income
300,000
Assets at year end
$3,900,000
400,000
1,800,000 2,500,000
Liabilities at year end 1,100,000 1,500,000
What is Sifton’s asset turnover for 2015?
5) Which of the following principles best describes the conceptual
rationale for the methods of matching depreciation expense with
revenues?