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4 Cards in this Set
- Front
- Back
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Kansas enterprises purchased equipment for $60000 on January 1, 2015. The equipment is expected to have a 5 year life with a residual value of $5000 at the end of 5 years. Using the straight-line method, depreciation expense for 2015 would be: a) $12000 b) $11,000 c) $60,000 d) $55,000 |
b) 11,000 |
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Kansas Enterprises purchased equipment for $60,000 on January 1, 2015. The equipment is expected to have a five- year life, with a residual value of $5000 at the end of five years. Using the straight-line method, the book value at Dec. 31, 2015 would be: a) $44,000 b) $49,000 c) $55,000 d) $60,000 |
b) 49,000 |
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Bricktown Exchange purchases a copyright for $50,000. The copyright has a remaininglegal life of 25 years,but only an expected useful life of 5 years with no residual value. Assuming the company uses the straight-line method, what is the amortization expense for the first year? a) $0 b) $2000 c) $3300 d) $10,000 |
d) $10,000 |
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Career Services, Inc sold some office equipment for $52,000 on December 31, 2015. The journal entry to record the sale would include which of the following if the original cost of the equipment was $80,000 with a residual value of $5,000 and a useful life of 10 years? Assume the machine was purchased on January 1, 2012 and depreciated using the straight line method.
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a |
