(Reporting the Financial E f fects of V aried T ransactions) In an examination of Arenes Corporation as of December 31, 2014, you have learned that the following situations exist. No entries have been made in the accounting records for these items.

1. The corporation erected its present factory building in 1999. Depreciation was calculated by the straight-line method, using an estimated life of 35 years. Early in 2014, the board of directors conducted a careful survey and estimated that the factory building had a remaining useful life of

^{2 5 years as of January 1, 2014.}

^{2. An additional assessment of 2013 income taxes was levied and paid in 2014.}

^{3. When calculating the acc r ual for o f ficers’ salaries at December 31, 2014, it was discove r ed that the}

^{acc r ual for o f ficers’ salaries for December 31, 2013, had been overstated.}

^{4 . O n Decembe r 15 , 2014 , A r ene s Corporatio n decla r e d a cas h dividen d o n it s commo n stock}

^{out standing, payable Feb r uary 1, 2015, to the common stockholders of r eco r d December 31, 2014.}

Instructions

^{Describ e full y ho w eac h o f th e item s abov e shoul d b e r eporte d i n th e financia l statement s o f A r enes}

^{Cor poration for the year 2014.}