Accumulated Depreciation is used to show the amount of cost expiration of intangibles is the same as Depreciation Expense is a contra asset account is used to show the amount of cost expiration of natural resources A machine with a cost of $80,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 15,000 hours. It is to be depreciated by the units-of-production method. What is the amount of depreciation for the second full year, during which the machine was used 5.000 hours? $5,000 $25,000 15,000 $26,667 Equipment with a cost of $130,000 has an estimated residual value of $10,000 and an estimated life of 5 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours? $24,000 $32,500 $33,000 $35,750 A machine with a cost of $75,000 has an estimated residual value of $S,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the double declining-balance method? $17,500 $37,500 $18,750 $ 6,667 The proper journal entry to purchase a computer on account on January 2 to be utilized within the business would be: Jan 2 Office Supplies 1,350 Accounts Payable 1.350 Jan 2 Office Equipment 1,350 Accounts Payable 1,350 Jan 2 Office Supplies 1,350 Accounts Receivable 1,350 Jan 2 Office Equipment 1,350 Accounts Receivable 1,350 The calculation for annual depreciation using the straight-line depreciation method is initial cost/estimated useful life depreciable cost/estimated useful life depreciable cost * estimated useful life initial cost * estimated useful life