On january 2 2006 kj corporation acquired equipment for, Ask an Expert

Accounting

On January 2, 2006, KJ Corporation acquired equipment for $260,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $20,000. What is the book value of the asset on December 31, 2007, if KJ Corporation uses the straight-line method of depreciation?

a) $80,000

b) $96,000

c) $104,000

d) $164,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M972973

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