06 Dec 1.On January 1, a machine with a useful life of four years and a salvage value of $15000 was purchased
1.On January 1, a machine with a useful life of four years and a salvage value of $15000 was purchased for $120000. What is the depreciation expense for year 2 under straight-line depreciation?
$26250.
$30000.
$13125.
$52500.
2. A plant asset was purchased on January 1 for $46300 with an estimated salvage value of $10000 at the end of its useful life. The current year’s depreciation expense is $3300 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $16500. The remaining useful life of the plant asset is
5 years.
6 years.
11 years.
14 years.
3. Oriole Company bought equipment for $420000 on January 1, 2021. Oriole estimated the useful life to be 4 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2022, Oriole decides that the business will use the equipment for a total of 6 years. What is the revised depreciation expense for 2022?
$52500.
$105000.
$63000.
$84000.
4. Equipment costing $100000 with a salvage value of $15000 and an estimated life of 8 years has been depreciated using the straight-line method for 2 years. Assuming a revised estimated total life of 6 years and no change in the salvage value, the depreciation expense for Year 3 would be
$14167.
$21250.
$10625.
$15938.
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