1. Folder Inc. purchased equipment on the first day of the year for $110,000 with an estimated useful life of 4 years and no salvage (residual) value. Using straight-line depreciation, what is the book value of the asset at the end of the first year? Enter your response as a whole number, no commas, no dollar signs.

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2. Catrina Corporation took out a new insurance policy on their recently built offices. The policy cost $170,000 and covered 24 months, from Oct 1, 20X1 to the end of Sep 20X3. When Catrina prepares its balance sheet at year-end 20X1, what amount will be shown as prepaid insurance? Enter your response as a whole number, no commas, no dollar signs.

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3. Catrina Corporation took out a new insurance policy on their recently built offices. The policy cost $150,000 and covered 24 months, from Aug 1, 20X1 to the end of Jul 20X3. When Catrina prepares its balance sheet at year-end 20X1, what amount will be shown as prepaid insurance?

Enter your response as a whole number, no commas, no dollar signs.

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4. MBI Corp. started the month with $290 of supplies on hand. During the month, the company purchased another $124 worth of supplies. At the end of the month, $100 worth of supplies was left on hand. What amount should MBI Corp. show as SUPPLIES EXPENSE in their income statement for the month? Enter your response as a whole number, no commas, no dollar signs.

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