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Equipment is placed in service on january 1. the cost of the equipment is $250,000 with a salvage value of $25,000 and an estimated useful life of five years. What amount of annual depreciation expense should be recorded on December 31 of Year 2 under the sum-of-years'-digits method?

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Related questions

Six Star Corporation purchased a piece of equipment at thebeginning of 2012. The equipment cost $120,000. Its estimatedservice life is 7 years and has an expected salvage value of$6,000. The sum-of-the-years-digits method is used. Thedepreciation schedule has a $20,357 annual depreciation expense fora certain year.

Required: Determine what year the depreciation expense of$20,357 is on the depreciation schedule. Round all answers to thenearest whole dollar.

Six Star Corporation purchased a piece of equipment at thebeginning of 2012. The equipment cost $120,000. Its estimatedservice life is 7 years and has an expected salvage value of$6,000. The sum-of-the-years-digits method is used. Thedepreciation schedule has a $20,357 annual depreciation expense fora certain year.

Required: Determine what year the depreciation expense of$20,357 is on the depreciation schedule. Round all answers to thenearest whole dollar.

7. On Januaryl 1, 2013, Verlin Co. purchased new machinery for $300,000. There is no salvage value. The machinery has an estimated useful life of 5 years, and depreciation is computed by the sum-of-the-years'-digits method. The accumulated depreciation on this machinery at December 31, 2014, should be (note: this is the end of the second year of depreciation)

A. $200,000 B. $120,000 C. $180,000 D. $100,00

9. Grover Corporation purchased a truck at the beginning of 2014 for $93,600. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles. It was driven 21,000 miles in 2014. What is the depreciation expense for 2014?

A. $15,750 B. $21,750 C. $37,500 D. $17,010

11. Morgan Corporation purchased a depreciable asset for $400,000 on January 1, 2012. The estimated salvage value is $40,000, and the estimated useful life is 9 years. The straight-line method is used for depreciation. In 2015 (the beginning of the 4th year), Morgan changed its estimates to a total useful life of 5 years with a salvage value of $60,000. What is 2015 depreciation expense?

A. $110,000 B. $40,000 C. $120,000 D. $60,000

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