On January 2, 2019, Konrad Corporation acquired equipment for $900,000. The estimated life of the equipme is 5 years or 58,000 hours. The estimated residual value is $30,000. If Konrad Corporation uses the units of production method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2020, assuming that during this period, the asset was used 8,000 hours? OA. $174,000 B. $120,000 C. $128,276 D. $124,138 On January 2, 2019, Kaiman Corporation acquired equipment for $800,000. The estimated life of the equipment is 5 years or 60,000 hours. The estimated residual value is $50,000. What is the balance in Accumulated Depreciation on December 31, 2020, if Kaiman Corporation uses the straight-line method of depreciation? A. $320,000 B. $160,000 C. $300,000 D. $150,000 On January 2, 2019, Kornis Corporation acquired equipment for $800,000. The estimated life of the equipment is 5 years or 50,000 hours. The estimated residual value is $10,000. What is the balance in Accumulated Depreciation on December 31, 2019, if Komis Corporation uses the double - declining - balance method of depreciation? OA. $160,000 B. $158,000 C. $320,000 O D. $316,000 Wisconsin Bank lends Local Furniture Company $140,000 on November 1. Local Furniture Company signs $140,000, 12%, 4- month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is: a OA. debit Interest Expense and credit Interest Payable for $2,800 B. debit Interest Payable and credit Interest Expense for $2,800 C. debit Interest Payable and credit Cash for $2,800 D. debit Interest Expense and credit Cash for $2,800 linois Bank lends Lisle Furniture Company $80,000 on December 1. Lisle Furniture Company signs a H$80,000, 6%, 4-month note. The total cash paid at maturity of the note is: (Round your final answer to the nearest dollar.) OA. $80,000 B. $81,600 O C. $84,800 OD. $82,400. Kathy's Comer Store has total cash sales for the month of $32,000 excluding sales taxes. If the sales tax rate is 4%, which journal entry is needed? (Ignore Cost of Goods Sold.) B OA. debit Cash $33,280, credit Sales Revenue $33,280 B. debit Cash $30,720, debit Sales Tax Receivable for $1,280 and credit Sales Revenue for $32,000 C. debit Cash $32,000 and crdit Sales Revenue $32,000 D. debit Cash $33,280, credit Sales Revenue $32,000 and credit Sales Tax Payable $1,280 OOO Montana Company sold merchand ise with a retail price of $35,000 for cash. Montana Company is required to collect 8% state sales tax. The total cash received from customers was: A. $35,000 B. $2,800 C. $37,800 OD. $32,200. On January 1, 2018, bonds with a face value of $85,000 were sold. The bonds mature on January 1, 2028. The face interest rate is 10%. The bonds pay interest semiannually on July 1 and January 1. The market rate of interest is 12%. What is the market price of the bonds on January 1, 2018? The present value of $1 for 20 periods at 6% is 0.312. The present value of an ordinary annuity of $1 for 20 periods at 6 % is 11.47. The present value of $1 for 20 periods at 5% is 0.377. The present value of an ordinary annuity of $1 for 20 periods at 5% is 12.462. (Round your final answer to the nearest dollar.) OA $89,250 B. $75,268 C. $85,009 $85,000
