Reference no: EM132687643
On January 1, Year 1, Jing Company purchased office equipment that cost $18,000 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $2,500. The equipment had a five-year useful life and a $6,500 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: $6,480 and $17,280
Option 2: $3,888 and $21,388
Option 3: $880 and $6,500
Option 4: $0 and $17,500
Option 5: None of the above
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