The Mallory Corporation On December 31, 2006, the Mallory Corporation had the following activity in...
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Accounting
The Mallory Corporation
On December 31, 2006, the Mallory Corporation had the following activity in its fixed assets record.
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| MALLORY CORPORATION - FIXED ASSETS | |||||||||||
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| Equipment | Cost | Salvage | Life | Method of Depreciation | |||||||
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| Machine 1 | $65,000 | $5,000 | 5 | DDB purchased 1/1/2006 | |||||||
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| Building #3 | $900,000 not including land | $50,000 | 25 | S/L purchased 6/30/2006 | |||||||
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| Mine 316 | $1,000,000 | $0 | 1,000,000 tons | 30,000 tons extracted. Mine purchased 1/1/2006 | |||||||
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| Patent | $50,000 | 0 | 17 | Purchased 1/1/2006 | |||||||
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| Truck 1 | $35,000 | $3,000 | 200,000 miles | Units of production: total miles depreciated to date are 60,000 as of January 1, 2006. Miles this year 30,000 | |||||||
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