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What will be the depreciation expense for the year

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Question - On October 1, 2020, Saria Company purchased equipment for $13,000 with an estimated useful life of 3 years and a salvage value of $4,000. The company uses the straight-line method of depreciation.

Q1- What will be the depreciation expense for the year 2020?

$750

$3,000

$4,000

$4,333

None of the above

Q2- What will be the depreciation expense for the year 2021?

$750

$3,000

$4,000

$4,333

None of the above

Q3- What will be the accumulated depreciation for the year 2022?

$2,250

$4,000

$6,750

$9,000

None of the above

Q4- What will be the book value (year-end) for the year 2022?

$6,750

$6,250

$3,000

$750

None of the above

Q5- Journal entry to record the depreciation expense for the year 2023 will include:

Debit Depreciation Expense and Credit Accumulated Depreciation for $750

Credit Depreciation Expense and Debit Accumulated Depreciation for $3,000

Debit Depreciation Expense and Credit Accumulated Depreciation for $6,750

Debit Depreciation Expense and Credit Accumulated Depreciation for $6,250

None of the above

Reference no: EM132740752

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