Multiple Choice
Jing Company was started on January 1, Year 1 when it issued common stock for $33,000 cash. Also, on January 1, Year 1 the company purchased office equipment that cost $15,700 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,800. The equipment had a five-year useful life and a $6,200 expected salvage value.Using double-declining-balance depreciation, what the amount of depreciation expense and the amount of accumulated depreciation, respectively, that would appear on the December 31, Year 3 financial statements?
A) $0 and $15,300.
B) $100 and $11,300.
C) $3,283 and $18,583.
D) $5,472 and $14,592.
Correct Answer:
Verified
Correct Answer:
Verified
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