5 6 Cost $20,000 Purchased equipment on January 1 of the current year. 7 Salvage value 8 Estimated useful life (Years) $2,000 6 Years 9 10 11 12 45 Amount of straight-line depreciation reported on the December 31 income statement. Amount of Accumulated Depreciation reported on the December 31 balance sheet. Book value of Equipment reported on the December 31 balance sheet. Which formula in cell B11 correctly calculates the amount of Accumulated Depreciation Equipment reported on the December 31 balance sheet?

5 6 Cost $20,000 Purchased equipment on January 1 of the current year. 7 Salvage value 8 Estimated useful life (Years) $2,000 6 Years 9 10 11 12 45 Amount of straight-line depreciation reported on the December 31 income statement. Amount of Accumulated Depreciation reported on the December 31 balance sheet. Book value of Equipment reported on the December 31 balance sheet. Which formula in cell B11 correctly calculates the amount of Accumulated Depreciation Equipment reported on the December 31 balance sheet?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.4MBA

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