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Problem 1: Foster Company bought equipment on January 3 of this year for $10,000. At the time of purchase, the equipment was estimated to have a useful life of nine years and a trade-in value of $1,000 at the end of nine years. Using the straight-line method, the amount of one year's depreciation is
a. $1,111.
b. $1,222.
c. $1,000.
d. $9,000.
e. $2,000.
Problem 2: If equipment cost $20,000 and accumulated depreciation amounts to $6,000, the book value of the equipment is
a. $26,000.
b. $6,000.
c. $14,000.
d. $20,000.
e. none of these.
Problem 3: Dowdy Co. has equipment with a cost of $30,000 and accumulated depreciation of $22,000. What is the book value of the equipment?
a. $8,000
b. $30,000
c. $52,000
d. $22,000
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