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1. Victory Company purchases office equipment at the beginning of the year at a cost of $15,000 The machine's useful life is estimated to be
1.Victory Company purchases office equipment at the beginning of the year at a cost of $15,000 The machine's useful life is estimated to be 5 years with a $1,000 salvage value. The book value at end of 5 years is:
A. $2,143.
B. $2,000
C. $1,000.
D. $14,000
2.A company purchased a delivery van for $28,000 with a salvage value of $3,000 on September 1, Year 1. It has an estimated useful life of 5 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31, Year 1?
A.$5,000
B.$1,667
C.$1400
D.$1250
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