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Questions -
Q1. On January 1, a machine with a useful life of five years and a salvage value of $15000 was purchased for $155000. What is the depreciation expense for year 2 under straight-line depreciation?
A. $74400.
B. $28000.
C. $18600.
D. $93000.
Q2. Culver Corporation bought equipment on January 1, 2022. The equipment cost $310000 and had an expected salvage value of $65000. The life of the equipment was estimated to be 5 years. The depreciable cost of the equipment is
A. $49000.
B. $245000.
C. $310000.
D. $65000.
Q3. Crane Company purchases land for $200000 cash. Crane assumes $5900 in property taxes due on the land. The title and attorney fees totaled $2300. Crane has the land graded for $4000. They paid $20000 for paving of a parking lot. What amount does Crane record as the cost for the land?
A. $232200.
B. $206300.
C. $212200.
D. $200000.
Q4. Equipment with a cost of $562600 has an estimated salvage value of $25000 and an estimated life of 4 years or 12800 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used for 3200 hours?
A. $145650.
B. $134400.
C. $146900.
D. $140650.
Q5. Pronghorn Corp. purchased a delivery van with a $68000 list price. The company was given a $6200 cash discount by the dealer and paid $3300 sales tax. Annual insurance on the van is $1900. As a result of the purchase, by how much will Pronghorn Corp. increase its van account?
A. $66100.
B. $68000.
C. $61800.
D. $65100.
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