[The following information applies to the questions displayed below.]On January 1, Year 1, Jing Company purchased office equipment that cost $34,000 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $2,000. The equipment had a five-year useful life and a $12,000 expected salvage value.Assuming the company uses the double-declining-balance depreciation method, what are the amounts of depreciation expense and accumulated depreciation, respectively, that would be reported in the financial statements prepared as of December 31, Year 3?
A. $960 and $12,000
B. $8,640 and $23,040
C. $0 and $24,000
D. $5,184 and $28,224
Answer: A
You might also like to view...
When determining sampling size in attribute sampling, which of the following is usually true?
a. Sampling risk will be too high. b. Tolerable misstatement amount is determined. c. A failure rate is not to be expected. d. Population size is not a major factor.
Research suggests that ________ tactics may have no effect on negotiation outcomes and may even backfire.
Fill in the blank(s) with the appropriate word(s).
Which of the following is the most basic level on which marketers can position their brands in consumers' minds?
A) interactive marketing B) values C) product attributes D) benefits E) added service
Which of the following is true of pioneering advertising?
a. It offers consumers in-depth information about the benefits of a new product. b. It is highly used during the growth stage of the product life cycle. c. It focuses on influencing demand for a specific brand. d. It is used mainly to compare brands on one or more specific attributes.