Need help and thanks in advance

On April 30, 2014, Tilton Products purchased machinery for $264,000. The useful life of this machinery is estimated at 8 years, with an $24,000 residual value.

46.Assume that in its financial statements, Tilton Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in 2014 and 2015 will be:

$22,500 in 2014 and $33,000 in 2015.

$18,000 in 2014 and $36,000 in 2015.

$15,000 in 2014 and $30,000 in 2015.

$33,000 in 2014 and $16,500 in 2015.

47

Assume that in its financial statements, Tilton Products uses straight-line depreciation and rounds depreciation for fractional years to the nearest month. Depreciation expense recognized on this machinery in 2014 and 2015 will be:

$16,000 in 2014 and $30,000 in 2015.

$12,000 in 2014 and $30,000 in 2015.

$20,000 in 2014 and $30,000 in 2015.

$30,000 in 2014 and $30,000 in 2015.

48Assume that in its financial statements, Tilton Products uses the 200%-declining-balance method and the half-year convention. Depreciation expense in 2014 and 2015 will be:

$33,000 in 2014 and $57,750 in 2015.

$66,000 in 2014 and $57,750 in 2015.

$66,000 in 2014 and $49,500 in 2015.

$33,000 in 2014 and $66,000 in 2015.

49

Assume that in its financial statements, Tilton Products uses the 150%-declining-balance method and the half-year convention. Depreciation expense in 2014 and 2015 will be:

$24,750 in 2014 and $44,859 in 2015.

$49,500 in 2014 and $44,859 in 2015.

$49,500 in 2014 and $49,500 in 2015.

$45,000 in 2014 and $41,063 in 2015.

50

In the year 2020, Tilton Products sells this machinery for $14,000. At the date of sale, the machinery had been depreciated by Tilton Products to its estimated residual value of $24,000. This sale results in:

	A $10,000 loss in both the company's financial statements and income tax return.
	No gain or loss in either the financial statements or income tax return.
	A $10,000 loss in the financial statements; a $10,000 gain in the income tax return.
	A $10,000 loss in the financial statements, but no gain or loss in the income tax return.