Reference no: EM132040460

Questions -

Question 1 - A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years, and a residual value of $300.

Determine depreciation expense for year one using the double-declining-balance method.

$3900.00

$1462.50

$2437.50

$1500.00

Question 2 - A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years, and a residual value of $300.

Determine depreciation expense for year two using the double-declining-balance method.

$1218.75

$3900

$2437.50

$1500.00

Question 3 - A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years, and a residual value of $300.

Determine depreciation expense for two using the straight-line method.

$300

$3900

$600

$900

Question 4 - A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years, and a residual value of $300.

Determine depreciation expense for year one using the straight-line method.

$300

$3900

$600

$675

Question 5 - A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years, and a residual value of $300.

If the equipment is sold at the end of year one for $3225, what will be the gain or loss on the sale,assuming that the company used the straight line method of depreciation.

$1000

$100

$2225

$0