A$.$

On September $22,2023,$ Phantom Inc. purchased machinery for $$190,000.$ Residual value was estimated to be $$10,000.$ The machinery will be depreciated over eight years using the sum$-$of$-$the$-$years'$-$digits method.

If depreciation is computed on the basis of the nearest full month, how much depreciation expense for $2024$ on this machinery should Marvel record?$$ $Answer $1$ Question $4$

$$

B$.$

Bower Co$.$ purchased equipment in January of $2014$ for $$90,000.$ The equipment was being depreciated on the straight$-$line method over an estimated useful life of $20$ years, with no residual value. At the beginning of $2024,$ when the equipment had been in use for $10$ years, the company paid $$15,000$ to overhaul the equipment. As a result of this improvement, the company estimated that the useful life of the equipment would be extended an additional $5$ years.

What should be the depreciation expense recorded for this equipment in $2024?$ $Answer $2$ Question $4$

$$

C$.$

In January, $2024,$ Sparkle Corporation purchased a mineral mine for $$3,400,000$ with removable ore estimated by geological surveys at $2,000,000$ tons. The property has an estimated value of $$200,000$ after the ore has been extracted. The company incurred $$1,000,000$ of development costs preparing the mine for production. During $2024,500,000$ tons were removed and $400,000$ tons were sold.

What is the amount of$$depletion$$that Sparkle Corporation should$$expense$$for $2024?$ $