Reference no: EM132493088
Question 1: A machine was acquired on October 1, 2018, at a cost of $320,000. The machine was estimated to have a residual value of $20,000 and an estimated life of 5 years. Using straight-line depreciation, and assuming a December 31 year end, depreciation expense for 2018 and 2019 would be:
Option 1: $15,000 in 2018, $60,000 in 2019
Option 2: $10,667 in 2018, $64,000 in 2019
Option 3: $60,000 in 2018, $60,000 in 2019
Option 4: $16,000 in 2018, $64,000 in 2019
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