Drago Company purchased equipment on January 1, 2021, at a total invoice cost of $1,200,000. The equipment has an estimated salvage value of $30,000 and an estimated useful life of five years. What is the amount of accumulated depreciation at December 31, 2022, if the straight-line method of depreciation is used? O $480,000 $468,000 $240,000

Drago Company purchased equipment on January 1, 2021, at a total invoice cost of $1,200,000. The equipment has an estimated salvage value of $30,000 and an estimated useful life of five years. What is the amount of accumulated depreciation at December 31, 2022, if the straight-line method of depreciation is used? O $480,000 $468,000 $240,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ind
please solve the d and e
Chandler Company purchased a factory machinery on May 1, 2030 for $133,500 with an estimated 5- year life. It is estimated that the machinery will have a $22,000 salvage value. What is the amount of depreciation expense at December 31, 2030 using the straight-line method of depreciation? O $26,700 O $20,733 O $22,300 O $14,867 O $17,800
ss
9. How much should be the balance of the accumulated depreciation for these machineries on December 31, 2021? a. ₱ 7,040,000 b. ₱ 5,840,000 c. ₱ 6,160,000 d. ₱ 6,400,000
On January 1, 2022, Proton Company purchased a new machine for P2,100,000. The new machine has an estimated useful life of nine years and the residual value was estimated to be P75,000. Depreciation was computed on the sum-of-the-years'-digits method. What amount should be shown in Proton's statement of financial position at December 31, 2024, net of accumulated depreciation, for this machine? O P1,695,000 O P1,335,000 O P1,020,000 O P1,244,250
On January 1, 2014, Bonita Industries purchased equipment at a cost of $361000. The equipment was estimated to have a salvage value of $10000 and it is being depreciated over eight years under the sum-of-the-years'-digits method. What should be the charge for depreciation of this equipment for the year ended December 31, 2021? $45125 $9750 $43875 $10028
6.
Sandhill Motor Corporation bought equipment on January 1, 2025. The equipment cost $340000 and had an expected salvage value of $65000. The life of the equipment was estimated to be 4 years. The depreciable cost of the equipment is O $275000. O $68750. O $65000 O $340000.
Carla Vista Products purchased a machine for $66400 on July 1, 2025. The company intends to depreciate it over 8 years using the double-declining balance method. The salvage value is $6700. Depreciation for 2026 to the closest dollar is $8300. O $33200. O $14525. $13200.
BLACK JACK Company purchased an automotive equipment on June 30, 2018 for P3,000,000. Atthe date of acquisition, the equipment had a life of six years with no salvage value. Theequipment is being depreciated on a straight-line basis. On October 1, 2021, BLACK JACKdetermined that the equipment had a remaining useful life of five years. What is the depreciation expense for the year ended December 31, 2021?
Sagar