On January 1, Year 1, the City Taxi Company purchased a new taxi cab for $69.000. The cab has an expected salvage value of $24,000. The company estimates that the cab will be driven 200.000 miles over its life. It uses the units-of-production method to determine depreciation expense. The cab was driven 51,000 miles the first year and B1,000 the second year. What is the amount of depreciation expense reported on the Year 2 Income statement and the book value of the taxi at the end of Year 2 respectively? (Do not found intermediate colculations.) Multiple choice $27.945 and $23460 527945 and 5 540 $18.225 ond $39.00 51.225 and $15.00 On January 1 Year 1. Monroe Minerals Company purchased a copper mine for $123,500,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted 6,700 tons of copper The copper was sold for $5,200 per ton. Assume that the company incurred $8.645,000 in operating expenses during Year 1. What is the amount of net income for Year 1? Multiple Choice $18.291000 O $9.646 000 $7.904.000 $16.54900 On January 1, Year 1. Jing Company purchased office equipment that cost $34.000 cash: The equipment was delivered under terms FOB shipping point and transportation cost was $2,000. The equipment had a five-year useful life and a $12,000 expected salvage value. Assume that Jing Company earned $30.000 cash revenue and incurred $19,000 in cash expenses in Year. The company uses the straight line method. The office equipment was sold on December 31 Year 3 for $16,000. What is the company's net Income foss) for Year 3? Multiple Choice ($6,600 $6,600 5600 $5.400 At the end of the current accounting period. Ringgold Company recorded depreciation of $15,000 on its equipment What is the effect of this entry on the company's balance sheet? Multiple Choice O Decrease stats and increase abilities Decrease stockholders equity God decreme Decreases and increase stockholdersity Decrease story quity and increase fois