A company purchased a computer system at a cost of $30,000. The estimated useful life is 8 years, and the estimated residual value is $7,000. Assuming the company uses the double-declining balance method, what is the depreciation expense for the second year? (Do no round your intermediate calculations. Round your answer to the nearest whole dollar amount.) Multiple Choice Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $1,030,000 cash. Lake assumed all of the liabilities. Book values and fair values of acquired assets and liabilities were: Current assets (net) Property, plant, equip. (net) Liabilities Book Value Fair Value $150,000 $155,000 650,000 760,000 240,000 240,000 Lake would record goodwill of: Multiple Choice $355,000 $470,000 Oo oo $218,000 Kansas Enterprises purchased equipment for $77,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $8,100 at the end of ten years. Using the straight-line method, depreciation expense for 2021 would be: Multiple Choice $8,560. $6,940. Kansas Enterprises purchased equipment for $81,500 on January 1, 2021. The equipment is expected to have a five-year life, with a residual value of $7,500 at the end of five years. Using the double-declining balance method, the book value at December 31, 2022, would be: (Do not round your intermediate calculations) Multiple Choice $29,340. $33,820. $16,300. S31,420