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?
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
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
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:
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?