38 39 $30,000. $25,000 41 42 44 45 1 Question 48 (4 points) On January 1, 2021, the Matisse Company purchased a concrete truck to be used in the business. The company paid $120,000 for the concrete truck. The expected useful life is 4 years and the salvage value is estimated to be $20,000. The company expects the truck to be driven a total of 200,000 miles during the 4 year useful life. During year 1 the truck was driven 60,000 miles and during year 2 the truck was driven 70,000 miles. Assume the Double Declining Balance Method. Depreciation Expense in the first year (12/31/2021) would be: 47 48 50 51 $60,000 $50,000. $20,000 $24,000. MacBook Air 80 GOD ra 73 TE 88 39 Debit to Accumulated Depreciation and a credit to Cash. 41 42 44 45 Question 47 (4 points) On January 1, 2021, the Matisse Company purchased a concrete truck to be used in the business. The company paid $120,000 for the concrete truck. The expected useful life is 4 years and the salvage value is estimated to be $20,000. The company expects the truck to be driven a total of 200,000 miles during the 4 year useful life. During year 1 the truck was driven 60,000 miles and during year 2 the truck was driven 70,000 miles. Assume the Matisse Co. uses the straight-line method. Depreciation Expense in the third year (12/31/2023) would be: 47 48 50 51 $60,000. $75,000. $30,000 $25,000. MacBook Air gon 000 doo -- 38 39 41 42 Question 45 (4 points) On October 1, 2020, the Peace Co. purchased and placed in to service a photocopier to be used in the business. The company paid $24,000 for the photocopier. The expected useful life is 4 years and the estimated salvage value is $4,000. Assume the Peace Co. uses the straight-line method to depreciate long-term assets. Question: How much is depreciation expense for the year ended on December 31, 2020? 44 45 47 48 $1,500. $1,250. 50 51 $5.000. $6,000. Question 46 (4 points) On January 1, 2021. the Matisse Company purchased a concrete truck to be used in MacBook Air Question 44 (4 points) Which of the following statements is false? 38 39 41 42 When Bad Debt Expense is recognized total stockholders' equity will decrease. Amortization is used to expense an intangible asset with a definite life. Notes Receivable is always reported as a non current asset. Allowance for Doubtful Accounts is reported on the Balance Sheet. 44 45