Reference no: EM13918178
1) on January 1, 2013, Clemente Company purchased a new truck for $14,700. Its estimated useful life is seven years or 200,000 miles. The truck's expected salvage value is $700. During 2013, the truck was driven 20,000 miles. Assuming units-of-production depreciation, 2013 depreciation expense is:
Select one:
A. $1,764
B. $2,100
C. $1,400
D. $2,000
E. None of the above
2)
Several years ago, Farr, Inc. purchased a computer costing $45,000, for which total depreciation of $35,000 has been recorded. Assuming that the computer is sold for $15,000 cash, the proper entry to record the sale is:
Select one:
A. Debit Cash, $15,000; debit Accumulated Depreciation, $35,000;
credit Computer, $45,000
B. Debit Cash, $15,000; debit Accumulated Depreciation, $35,000;
credit Computer, $48,000
C. Debit Cash, $15,000; debit Accumulated Depreciation, $35,000;
credit Computer, $45,000; credit Gain on Sale of Computer, $5,000
D. Debit Cash, $15,000; credit Computer $10,000;
credit Gain on Sale of Computer, $5,000
E. None of the above
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