Reference no: EM131881722
Question: 1. On January 1, 2009, Ocean Co. purchased equipment for $200,000. It is estimated that the equipment will have a $20,000 salvage value at the end of its estimated 4-year useful life. The company uses the double-declining-balance method of depreciation. Depreciation expense for the second calendar year ending on December 31, 2010, would be:
2. Fusion Co. uses the straight-line depreciation method On July 1, 2011, Fusion Co. bought a equipment for $24,000. They estimate the equipment will have a $4,000 salvage value and an 4 year service life. What is the depreciation expense reported for this equipment on the December 31, 2012 income statement?
3. Prious uses the double declining balance depreciation method On January 1, 2011, Prious Co. bought a equipment for $45,000. They estimate the equipment will have a $5,000 salvage value and an 5 year service life. What is the depreciation expense reported for this equipment on the December 31, 2012 income statement?
4. We purchased new equipment for $50,000. We paid $1,000 to have the it delivered and paid $3,000 to setup and install the equipment. During the first month of use, we performed routine maintenance costing $100. What amount is recorded in the equipment account?
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