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Knowledge Check 01 Rhonda Company purchased equipment on January 1, Year 1, for $420,000, estimating a four-year useful life and no residual value. In Year 1 and 2, Rhonda depreciated the asset using the sum-of-years'-digits method and the book value at the end of Year 2 was $126,000. At the beginning of Year 3, Rhonda changed to straight-line depreciation for this equipment. What depreciation would Rhonda record for the Year 3 on this equipment? (Round your answer to the nearest whole dollar.) Depreciation for year 3 Knowledge Check 01 The balance sheets of Davidson Corporation reported net fixed assets $620,000 at the end of Year 1 and $340,000 at the end of Year 2. Net sales for Year 2 totaled $1,440,000. What is the fixed-asset turnover ratio for Year 2? (Round your answer to 1 decimal number.) Fixed-asset turnover ratio Knowledge Check 01 Burke Corporation issued 10,000 shares of its no-par common stock in exchange for land with an independently appraised value of $100,000. Burke's common shares are not publicly traded. Burke's accountant suggests that the fair value of each share of stock is approximately $15. Prepare the appropriate journal entry for this exchange transaction. View transaction list Journal entry worksheet 1 Prepare the appropriate journal entry for this exchange transaction. Knowledge Check 01 Rhonda Company purchased equipment on January 1, Year 1, for $420,000, estimating a four-year useful life and no residual value. In Year 1 and 2, Rhonda depreciated the asset using the sum-of-years'-digits method and the book value at the end of Year 2 was $126,000. At the beginning of Year 3, Rhonda changed to straight-line depreciation for this equipment. What depreciation would Rhonda record for the Year 3 on this equipment? (Round your answer to the nearest whole dollar.) Depreciation for year 3 Knowledge Check 01 The balance sheets of Davidson Corporation reported net fixed assets $620,000 at the end of Year 1 and $340,000 at the end of Year 2. Net sales for Year 2 totaled $1,440,000. What is the fixed-asset turnover ratio for Year 2? (Round your answer to 1 decimal number.) Fixed-asset turnover ratio Knowledge Check 01 Burke Corporation issued 10,000 shares of its no-par common stock in exchange for land with an independently appraised value of $100,000. Burke's common shares are not publicly traded. Burke's accountant suggests that the fair value of each share of stock is approximately $15. Prepare the appropriate journal entry for this exchange transaction. View transaction list Journal entry worksheet 1 Prepare the appropriate journal entry for this exchange transaction