Question: QUESTION 1 (CHAPTER 11) 1. Calculate depreciation. A machine which cost $400,000 is acquired on October 1, 2022. Its estimated salvage value is $12,000 and

QUESTION 1 (CHAPTER 11) 1. Calculate depreciation. A machine which cost

QUESTION 1 (CHAPTER 11) 1. Calculate depreciation. A machine which cost $400,000 is acquired on October 1, 2022. Its estimated salvage value is $12,000 and its expected life is ten years. Instructions Calculate depreciation expense for 2022 and 2023 using the double-declining balance method. QUESTION 2 (CHAPTER 13) 2. The Hacker Company borrowed $75,000 on October 1, 2020 by signing a $77,500 4-month, zero- interest bearing note. Prepare (on journal paper) Hacker's October 1, 2020 entry; the December 31, 2020 annual adjusting entry and the February 1, 2021 entry

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