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ExtraCreditTestWorth:50pts(24+8+8+10)Due:October24,2012;11:00pmSubmitbyemail:Jsai@devry.edu1.Plantassetaccounting.During2012and2013,SawyerCorporationexperiencedseveraltransactionsinvolvingplantassets.Anumberoferrorsweremadeinrecordingsomeofthesetransactions.Foreachitemlistedbelow,indicatetheeffectoftheerror(ifany)intheblanksprovidedbyusingthefollowingcodes:O=Overstate;U=Understate;NE=NoEffectIfnoerrorwasmade,writeNEineachofthefourcolumns.20122013NetBookNetBookValueofValueofPlant2012Plant2013AssetsatNetAssetsatNetTransaction12/31/12Income12/31/13Income1.Thecostofinstallinganewcomputersystemin2012wasnotrecordedin2012.Itwaschargedtoexpensein2013.2.In2013clericalworkersweretrainedtousethenewcomputersystematacostof$15,000,whichwaserroneouslycapital-ized.Thecostistobewrittenoffovertheexpectedlifeofthenewcomputersystem.3.Amajoroverhauloffactorymachineryin2012,whichextendeditsusefullifeby5years,waschargedtoaccumulateddepreciationin2012.4.Interestcostqualifyingforcapitalizationin2012waschargedtointerestexpensein2012.5.In2012landwasboughtforanemployeeparkinglot.The$2,000titlesearchfeewaschargedtoexpensein2012.6.Thecostofmovingseveralmanufacturingfacilitiesfrommetropolitanlocationstosuburbanareasin2012wascapitalized.Thecostwaswrittenoffovera10-yearperiodbeginningin2012.2.Lower-of-cost-or-market.TheDecember31,2012inventoryofGwynnCompanyconsistedoffourproducts,forwhichcertaininformationisprovidedbelow.ReplacementEstimatedExpectedNormalProfitProductOriginalCostCostDisposalCostSellingPriceonSalesA$25.00$22.00$6.50$37.5020%B$42.00$40.00$12.00$48.0025%C$120.00$115.00$25.00$160.0030%D$16.00$15.80$3.00$22.0010%InstructionsUsingthelower-of-cost-or-marketapproachappliedonanindividual-itembasis,computetheinventoryvaluationthatshouldbereportedforeachproductonDecember31,2012.3.Dollar-valueLIFOmetho
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