1.

2. What amount of depreciation expense would Traceys report on the year 2 income statement?

3. What amount of accumulated depreciation would Traceys report on the December 31, year 2, balance sheet?

a new cooktop that cost $22,000 cash. 3. E 5. Paid $7,000 cash for operating expenses. 6. Adjusted the records to reflect the use of the cooktop. The cooktop. purchased on January 1, Year 1, has an expected useful life of five years and an estimated salvage value of $2,000. Use straight-line depreciation. The adjusting entry was made as of December sign.) Accum. Cook Top 5. Paid op. exp