Reference no: EM132602191
Question a: Consider an asset for which the following information is available:
Carrying value at Dec 31, 2020 before depreciation $9,000
Calculated depreciation for 2020 $2,400
Original cost $24,000
Residual value $8,500
Remaining useful life 3 years
The depreciation expense for 2020 is
a) $3,100.
b) $3,000.
c) $2,400.
d) $500.
Question b: On October 1, 2020, Berlin Corp. purchased 250, $ 1,000, 9% bonds for $ 260,000. An additional $ 7,500 was paid for the accrued interest, which is paid semi-annually on December 1 and June 1. The bonds mature on December 1, 2024 and will be held to maturity. Berlin uses the straight-line method of amortization and the amortized cost model for these bonds. Ignoring income taxes, the amount to be reported in Berlin's 2020 income statement as a result of this investment is
a) $ 3,750.
b) $ 5,025.
c) $ 5,625.
d) $ 6,225.
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