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On January 1, Year 1, Jing Company purchased office equipment that cost $18,300 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $2800. The equipment had a five-year useful life and a $7140 expected salvage value.
Problem 1: Assuming the company uses the double-declining-balance depreciation method, what are the amounts of depreciation expense and accumulated depreciation, respectively, that would be reported in the financial statements prepared as of December 31, Year 3?
Option 1: $456 and $7140
Option 2: $4147 and $22,947
Option 3: $6912 and $18,432
Option 4: $0 and $18,800
Option 5: None of the above
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