On January 1, a machine with a useful life of four years and a salvage value of $16,000 was purchased for $80,000. What is the depreciation expense for year 2 under straight-line depreciation?

A.$40,000

B.$20,000

C.$32,000

D.$16,000

Foyle Company purchased a new van for floral deliveries on January 1, 2021. The van cost $56,000 with an estimated life of 5 years and $14,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the balance of the Accumulated Depreciation account at the end of 2022?

A.$13,440.

B.$8,960.

C.$35,840.

D.$26,880.

Rodgers Company purchased equipment and these costs were incurred:

Rodgers will record the acquisition cost of the equipment as

A.$58,600.

B.$59,240.

C.$55,000.

D.$60,100.

Answer rating: 100% (QA)

For the first question The depreciation expense for year 2 under straightline depreciation can be ca... View the full answer