1.On January 1st 2015, Falcon Company purchased a depreciable asset for $175,000. The estimated salvage value is $15,000, and the estimated useful life is 10 years. The straight-line method will be used for depreciation. Calculate the annual depreciation for Falcon Company

2. Henry Company purchased a depreciable asset for $360,000. The estimated salvage value is $35,000, and the estimated useful life is 10 years. The straight-line method will be used for depreciation. What is the depreciation expense in year 6.

3. Solomon Company purchased machinery for $360,000. The estimated salvage value is $30,000, and the estimated useful life is 10 years. The straight-line method will be used for depreciation. Make the journal entry in year 8 to record the depreciation

4. Wanton Company purchased equipment for $170,000. The estimated salvage value is $20,000, and the estimated useful life is 10 years. The straight-line method will be used for depreciation.

a. Calculate the accumulated depreciation at the end of year 6.

b. Calculate the book value of the equipment at the end of year 6

5. Grover Corporation purchased a truck at the beginning of 2020 for $109,200. The truck is estimated to have a salvage value of $4,200 and useful life of 120,000 miles. It was driven 20,000 miles in 2020 and 30,000 miles in 2021. Calculate the depreciation expense for 2020?