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Winwood Construction purchased a crane on January 1, 2013, for $102,750. At the time of purchase, the crane was estimated to have a life of six years and a residual value of $6,750. In 2015, Winwood determined that the crane had a total useful life of seven years and a residual value of $4,500. If Winwood uses the straight-line method of depreciation, what will be the depreciation expense for the crane in 2015? Answer a. $13,250 b. $8,000 c. $16,000 d. $9,464 1 points Save Answer Question 3 of 20 Moving to another question will save this response. Links to Test Questions and Answers Read question 3 Read answers for question 3 On January 1, 2014, Ashton Company purchased equipment at a cost of $570,000. The equipment was estimated to have a useful life of five years and a salvage value of $60,000. Ashton uses the sum-of-the-years'-digits method of depreciation. What should the accumulated depreciation be at December 31, 2016? Answer a. $408,000 b. $510,000 c. $340,000 d. $456,000 1 points Save Answer Question 4 When When bonds are retired prior to maturity with proceeds from a new bond issue, gain or loss from the early extinguishment of debt, if material, should be Answer a. amortized over the life of the new bond issue. b. recognized as an extraordinary item in the period of extinguishment. c. recognized in income from continuing operations in the period of extinguishment. d. amortized over the remaining original life of the retired bond issue. 1 points Save Answer Which of the following depreciation methods most closely approximates the method used to deplete the cost of natural resources? Answer a. Units-of-production method b. Double-declining-balance method c. Sum-of-the-years'-digits method d. Straight-line method Which of the following depreciation methods most closely approximates the method used to deplete the cost of natural resources? Answer a. Units-of-production method b. Double-declining-balance method c. Sum-of-the-years'-digits method d. Straight-line method On June 30, 2014, a fire in Walnut Company's plant caused the total loss of a production machine. The machine was being depreciated at $20,000 annually and had a carrying amount of $160,000 at December 31, 2013. On the date of the fire, the fair value of the machine was $220,000, and Walnut received insurance proceeds of $200,000 in October 2014. In its income statement for the year ended December 31, 2014, what amount should Walnut recognize as a gain or loss on disposition? Answer a. $0 b. $20,000 loss c. $40,000 gain d. $50,000 gain Zenith Zenith Corporation bought a machine on January 1, 2014. In purchasing the machine, the company paid $40,000 cash and signed an interest-bearing note for $105,000. The estimated useful life of the machine is five years, after which time the salvage value is expected to be $10,000. Given this information, how much depreciation expense would be recorded for the year ending December 31, 2015, if the company uses the sum-of-the-years'-digits depreciation method? Answer a. $36,000 b. $34,000 c. $45,000 d. $40,000 The most conceptually appropriate method of valuing a liability under the historical cost basis is to Answer a. discount the amount of expected cash outflows that are necessary to liquidate the liability using the market rate of interest at the date financial statements are prepared subsequent to issuance b. record as a liability the amount of cash or cash-equivalent value that the company would be required to pay to eliminate the liability in the ordinary course of business on the date of the financial statements. c. record as a liability the amount of cash or cash-equivalent proceeds actually received when a liability was incurred. d. discount the amount of expected cash outflows that are necessary to liquidate the liability using the market rate of interest at the date the liability was initially incurred Which of the following utilizes the straight-line depreciation method? Answer a. Composite Group Depreciation Depreciation Yes Yes b. Composite Group Depreciation Depreciation No Yes c. Composite Group Depreciation Depreciation Yes No d. Composite Group Depreciation Depreciation No No 1 points Save Answer The composite depreciation method Answer a. does not recognize gain or loss on the retirement of specific assets in the group. b. is applied to a group of homogeneous assets. c. excludes salvage value from the base of the depreciation calculation. d. is an accelerated method of depreciation In accordance with generally accepted accounting principles, which of the following methods of amortization is normally recommended for intangible assets? Answer a. Double-declining-balance b. Sum-of-the-years'-digits c. Straight-line d. Group composite 1 points Save Answer Which of the following is true of accrued interest on bonds that are sold between interest dates? Answer a. None of these is true. b. It is extra income to the buyer. c. It is computed at the effective market rate. d. It will be paid to the seller when the bonds mature. 1 points Saved Unamortized debt premium should be reported on the balance sheet of the issuer as a Answer a. deferred credit. b. direct addition to the present value of the debt. c. deduction from the issue costs. d. direct addition to the face amount of the debt. To compute the price to pay for a bond, you use Answer a. only the present value of an annuity of $1 concept. b. both of these. c. only the present value of $1 concept d. neither of these. Outstanding bonds payable are converted into common stock. Under either the book value or market value method, the same amount would be debited to Answer a. Bonds Premium on Payable Bonds Payable Yes Yes b. Bonds Premium on Payable Bonds Payable No No c. Bonds Premium on Payable Bonds Payable Yes No d. Bonds Premium on Payable Bonds Payable No Yes Stanley Company purchased a machine that was installed and placed in service on January 2, 2013, at a total cost of $680,000. Residual value was estimated at $70,000. The machine is being depreciated over ten years by the double-declining-balance method. For the year 2014, Stanley should record depreciation expense of Answer a. $61,000 b. $68,000 c. $108,800 d. $97,600 How would the carrying value of a bond payable be affected by amortization of each of the following? Answer a. Discount Premium Decrease Increase b. Discount Premium Increase No effect c. Discount Premium No effect No effect d. Discount Premium Increase Decrease The sum-of-the-years'-digits method of depreciation is being used for a machine with a five-year estimated useful life. What would be the fraction applied to the cost to be depreciated in the fourth year? Answer a. 4/5 b. 4/15 c. 2/5 d. 2/15 The net amount of a bond liability that appears on the balance sheet is the Answer a. face value of the bond plus related premium or minus related discount. b. maturity value of the bond plus related discount or minus related premium c. face value of the bond plus related discount or minus related premium d. call price of the bond plus bond discount or minus bond premium