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What is straight-line depreciation for the year ended

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Q1. These account balances at December 31 relate to Sportaid, Inc.:

Accounts Payable . . . . . . . . . .$51,000 Paid-in Capital in Excess

Accounts Receivable . . . . . . . .81,550 of Par-Common . . . . . . . . . . .$270,000

Common Stock . . . . . . . . . . . . .315,000 Preferred Stock, 10%, $100 Par . . . . .82,000

Treasury Stock . . . . . . . . . . . . .5,200 Retained Earnings . . . . . . . . . . . . . . . .71,900

Bonds Payable . . . . . . . . . . . . .3,500 Notes Receivable . . . . . . . . . . . . . . . . .12,800

What is total paid-in capital for Sportaid, Inc.? (Assume that treasury stock does not reduce total paid-in capital.)

A. $667,000

B. $738,900

C. $661,800

D. $672,200

E. None of the above

Q2. Hill Company purchased a machine for $9,800 on January 1, 2016. The machine has been depreciated using the straight-line method over an eight-year life with a $800 residual value. Hill sold the machine on January 1, 2018, for $7,800. What is straight-line depreciation for the year ended December 31, 2016, and what is the book value on December 31, 2017?

What is straight-line depreciation for the year ended December 31, 2016?

What is the book value on December 31, 2017?

Reference no: EM131712985

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