Failure to record amortization expense on a patent during the current year will result in which of the following?

Assets will be overstated, but there would be no effect on net income for the year.

Net income will be overstated, but there would be no effect on total assets.

Net income for the year and total assets would both be overstated.

Net income and assets will both be understated.

Schager Company purchased a computer system on January 1, 2014, at a cash cost of $16,000. The estimated useful life is 10 years, and the estimated residual value is $2,100. The company will use the double declining-balance depreciation method. What is the accumulated depreciation balance as of December 31, 2015?

$5,760.

$2,560.

$3,200.

$5,424

On January 1, 2014, Wasson Company purchased a delivery vehicle costing $37,120. The vehicle has an estimated 6-year life and a $3,800 residual value. Wasson estimates that the vehicle will be driven 98,000 miles. What is the vehicle's book value as of December 31, 2015 assuming Wasson uses the units-of-production depreciation method and the vehicle was driven 11,200 miles during 2014 and 19,200 miles during 2015? (Do not round your intermediate calculations.)

	$26,013.
	$22,213.
	$26,784.
	$22,984 The Wilson Company has provided the following information: