Question
10) On January 2, 2019, Kornis Corporation acquired equipment for $1,500,000. The estimated life of the equipment is 5 years or 90,000 hours. The estimated
10) On January 2, 2019, Kornis Corporation acquired equipment for $1,500,000. The estimated life of the equipment is 5 years or 90,000 hours. The estimated residual value is $50,000. What is the balance in Accumulated Depreciation on December 31, 2019, if Kornis Corporation uses the double-declining-balance method of depreciation?
A) $290,000
B) $300,000
C) $580,000
D) $600,000
11) On January 2, 2019, Konan Corporation acquired equipment for $900,000. The estimated life of the equipment is 5 years or 100,000 hours. The estimated residual value is $20,000. What is the balance in Accumulated Depreciation on December 31, 2020, if Konan Corporation uses the double-declining-balance method of depreciation? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar.)
A) $576,000
B) $352,000
C) $216,000
D) $880,000
12) On January 2, 2019, Helmkamp Company purchased a $30,000 machine. It had an estimated useful life of 5 years and a residual value of $3,000. What is the amount of depreciation expense for 2020, the second year of the asset's life, using the double declining-balance method? (Round intermediary calculations to two decimal places and your final answer to the nearest dollar.)
A) $6,000
B) $7,200
C) $5,400
D) $12,000
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