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1.  Pine Company bought a depreciable asset for $360,000. Estimated salvage value is $24,000, and estimated useful life is 8 years. Double-declining balance method will be used for depreciation. Compute depreciation expense for the second year on this asset?

a. $42,000

b. $63,000

c. $67,500

d. $90,000

2. On July 1, 2006, Rodriguez Corporation bought factory equipment for $150,000. Salvage value was evaluated to be $4,000. Equipment will be depreciated over ten years by using double-declining balance method. Counting the year of acquisition as one-half year, Gonzalez must record depreciation expense for 2007 on this equipment of

a. $30,000.

b. $27,000.

c. $26,280.

d. $24,000.

3. Norris Corporation bought factory equipment which was installed and put into service January 2, 2006, at total cost of $60,000. Salvage value was evaluated at $4,000. Equipment is being depreciated over four years by using double-declining balance method. For year 2007, Norris must record depreciation expense on this equipment of

a. $14,000.

b. $15,000.

c. $28,000.

d. $30,000.

4. On April 13, 2006, Foley Co. bought machinery for $120,000. Salvage value was evaluated to be $5,000. Machinery will be depreciated over ten years by using double-declining balance method. If depreciation is find outd on the basis of nearest full month, Foley must record depreciation expense for 2007 on this machinery of:

a. $20,800.

b. $20,400.

c. $20,550.

d. $20,933.

5. On January 1, 2000, Barnes Company bought equipment at cost of $50,000. Equipment was evaluated to have a salvage value of $5,000 and it is being depreciated over eight years under sum-of-the-years'-digits method. What must be the charge for depreciation of this equipment for year ended December 31, 2007?

a. $1,250

b. $1,389

c. $2,500

d. $5,625

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922554

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