1) On January 2, 2019, Kaiman Corporation purchased equipment for $300,000. The estimated useful life of the equipment is 5 years or 60,000 hours. Estimated residual value is $30,000.

 What is the accumulated depreciation balance as of December 31, 2020, if Kaiman Corporation uses the straight-line depreciation method?

2) On January 2, 2019, Kornis Corporation purchased equipment for $300,000. The estimated useful life of the equipment is 5 years or 80,000 hours. Estimated residual value is $30,000. 

What is the accumulated depreciation balance as of December 31, 2019, if Kornis Corporation uses the double-declining-balance method of depreciation?

3) The Wisconsin bank loans the Local Furniture Company $160,000 on November 1. Local Furniture Company signs a $160,000 promissory note $160,000, 6%, -month. Local Furniture Company's fiscal year close is December 31.

What is the journal entry made by Local Furniture Company on December 31 

4) The Illinois bank loans the Lisle Furniture Company $90,000 on December 1. Lisle Furniture Company signs a 4-month, 9%, $90,000 promissory note. 

What is the total cash paid at maturity of the note  (Round your final answer to the nearest dollar.)

Answer rating: 100% (QA)

To calculate the accumulated depreciation using the straightline depreciation method we need to dete... View the full answer