Multiple Choice
Equipment was purchased for $17,000 on January 1, 2010. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2011, if the straight-line method of depreciation is used?
A) $6,680
B) $3,340
C) $2,860
D) $5,720
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Which one of the following items is
Q83: Lewallen Company was organized on January 1.
Q84: Don's Copy Shop bought equipment for $90,000
Q86: Ordinary repairs should be recognized when incurred
Q90: Using the following data for Notson, Inc.,
Q127: Recording depreciation on plant assets affects the
Q161: The balances of the major classes of
Q174: Capital expenditures are expenditures that increase the
Q186: The cost of land does not include<br>A)
Q249: Which one of the following items is