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Can anyone please reply ASAP Equipment with a cost of $171000, an estimated residual value of $10200, and an estimated life of 4 years, was
Can anyone please reply ASAP
Equipment with a cost of $171000, an estimated residual value of $10200, and an estimated life of 4 years, was purchased on April 1, 2022. If the straight-line method is used, the depreciation expense for calendar 2022 is $42750. $32550. $30150. $40200. Equipment was purchased on January 1 for $35200 with an estimated residual value of $3600. The current year's Depreciation Expense is $4000, calculated on the straight-line basis, and the balance of the Accumulated Depreciation account at the end of the year is $11600. The remaining useful life of the equipment is 5 years. 4 years. 3 years. 8 years. Which of the following statements concerning financial statement presentation is false? Companies must disclose their policy for testing impairments in the notes to their statements. O Goodwill is reported separately from intangible assets. Companies reporting under IFRS must disclose whether they are using the cost or revaluation model for each class of long- lived asset in the notes to their statements. Companies reporting under ASPE must include a reconciliation of the changes during the year in the carrying amount for each class of long-lived asset in the notes to their statements. Which of the following statements is not true? Cash flow will be affected by the use of different depreciation methods. The diminishing-balance depreciation method will result in lower net income compared to the straight-line depreciation method in the early years. Over the life of the asset, total depreciation expense will be the same whether a company uses the straight-line, diminishing- balance, or units-of-production method. CCA will be the same whether a company uses the straight-line, diminishing-balance, or units-of-production methodStep by Step Solution
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