On January 1, Year 1, Jing Company purchased office equipment that cost $34,875cash. The equipment was delivered under terms free on board (FOB) shipping point, and transportation cost was $2875. The equipment had a five year useful life and o $12.490 expected salvage value. Assuming the company uses the double declining-balance depreciation method, what are the amounts of depreciation expense and accumulated depteciation, respectively, that would be reported in the financial statements prepared as of December 31, Year 3? Mutide Chioles 55,436 and 529596 s1100 and 525260 59,060 and 524,169 50 and 525,260 Harding Corporation acqulred real estate that contained land, bullding and equipment. The property cost Harding $1,425,000. Harding paid $350,000 and issued a note payable for the remainder of the cost An appraisal of the property reported the following values: Land, $370,000; Bulding, $1,700,000 and Equipment, $730,000 What value will be reported for the building on the balance sheet? Multiple Chice $712.500 51,00000 $325,000 $175.000 Fred and Barney started a partnership. During Year 1, Fred invested $11,000 in the business and Barney invested $19,500. The partnership agreement called for each partner to receive an annual distribution equal to 12% or his capital contribution. Any further earnings were to be retained in the business and divided equally between the partners. The partnership reported net income of $26.000 during Year 1 . How will the $26,000 of net income be split between Fred and Barney respectively? (Hint Consider both the cash withdrawals and allocation of remaining income) Mulitiole Choice Option A Option D Ootion C Option B