The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date Debit Credit Balance
Jan. 1 Balance 158,000
July 31 Purchase of equipment 69,600 227,600
Sept. 2 Cost of equipment constructed 55,000 282,600
Nov. 10 Cost of equipment sold 49,500 233,100

Accumulated Depreciation—Equipment

Date Debit Credit Balance
Jan. 1 Balance 71,400
Nov. 10 Accumulated depreciation on equipment sold 28,900 42,500
Dec. 31 Depreciation for year 22,600 65,100

Retained Earnings

Date Debit Credit Balance
Jan. 1 Balance 104,200
Aug. 23 Dividends (cash) 17,800 86,400
Dec. 31 Net income 68,800 155,200

Required:
Indicate how the information is reported on a statement of cash flows using the indirect method.

Problem 9-5. net present value and taxes [lo 1, 2] penguin productions is evaluating a film project. the president of penguin estimates that the film will cost $20,000,000 to produce. in its first year, the film is expected to generate $16,500,000 in net revenue, after which the film will be released to video. video is expected to generate $10,000,000 in net revenue in its first year, $2,500,000 in its second year, and $1,000,000 in its third year. for tax purposes, amortization of the cost of the film will be $12,000,000 in year 1 and $8,000,000 in year 2. the company’s tax rate is 35 percent, and the company requires a 12 percent rate of return on its films. required what is the net present value of the film project? to simplify, assume that all outlays to produce the film occur at time 0. should the company produce the film?

Sam and diane are completing their federal income taxes for the year and have identified the amounts listed here. how much can they rightfully deduct? • agi: $80,000 • medical and dental expenses: $9,000 • state income taxes: $3,500 • mortgage interest: $9,500 • charitable contributions: $1,000.

Which of the following is not part of the mission statement of the department of homeland security? lead the unified national effort to secure america protect against and respond to threats and hazards to the nation ensure safe and secure borders coordinate intelligence operations against terrorists in other countries