233.On July 1 of the current year, Timberlake Company signed a contract to sublease space in a building for 7 years. Timberlake Company paid $56,000 for the right to sublease this space. After taking...

233.On July 1 of the current year, Timberlake Company signed a contract to sublease space in a building for 7 years. Timberlake Company paid $56,000 for the right to sublease this space. After taking possession of the leased space, Timberlake pays $140,000 for improving the office portion of the lease space. The improvements are paid on July 6 of the current year, and are estimated to have a useful life equal to the 14 years remaining in the life of the building. Prepare entries for Timberlake to record (a) its payment for the right to sublease the building space, (b) its payment for the office improvements, (c) the December 31 year-end entry to amortize the cost of the sublease, (d) the December 31 year-end entry to amortize the office improvements.

234.Westport Company reports the following in millions: net sales of $25,300 for 2016 and $22,640 for 2015; end-of-year total assets of $14,875 for 2016 and $13,680 for 2015. Compute its total asset turnover for 2016 and assess its level if competitors average a total asset turnover of 2.0 times.