On January 2, 2023, Koris Corporation acquired equipment for 200,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $20,000. What is the balance in Accumulated Depreciation on December 31, 2023, if Komis Corporation uses the double- declining - balance method of depreciation? A $40.000 OB.583,000 OC. $36,000 OD. $80.000 Which of the following costs associated with a delivery van should NOT be capitalized? A. The van is modified so it can be used for multiple purposes in the business. B. The van is repainted after 4 years of use. C. The van's engine is overhauled, and this will extend the useful life by five years. D. All of the above items should be capitalized On January 4, 2023, Mary's Cafe acquired equipment for $300,000. The estimated life of the equipment is 8 years of 60,000 hours. The estimated residual value is $20,000. What is the balance in the Accumulated Depreciation account at December 31, 2024 if the straight-line method is used? O A. $70,000 OB. $35,000 OC. $37,500 OD. $20,000 Equipment costing $25,400 with a book value of $14,900 is sold for $9,400. Which journal entry is used to record the sale? O A. debit Cash for $9,400, debit Accumulated Depreciation - Equipment for $16,000 and credit Equipment for $25,400 OB. debit Cash for $9,400, debit Accumulated Depreciation - Equipment for $10,500, credit Equipment for $14,900 and credit Gain on Sale of Equipment for $5,000 OC. debit Cash for $9,400 and credit Equipment for 9,400 OD. debit Cash for $9,400, debit Accumulated Depreciation - Equipment for $10,500, debit Loss on Sale of Equipment for $5,500 and credit Equipment for $25,400 The Accumulated Depreciation account is an income statement account. True False On January 2, 2023, Koris Corporation acquired equipment for 200,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $20,000. What is the balance in Accumulated Depreciation on December 31, 2023, if Komis Corporation uses the double- declining - balance method of depreciation? A $40.000 OB.583,000 OC. $36,000 OD. $80.000 Which of the following costs associated with a delivery van should NOT be capitalized? A. The van is modified so it can be used for multiple purposes in the business. B. The van is repainted after 4 years of use. C. The van's engine is overhauled, and this will extend the useful life by five years. D. All of the above items should be capitalized On January 4, 2023, Mary's Cafe acquired equipment for $300,000. The estimated life of the equipment is 8 years of 60,000 hours. The estimated residual value is $20,000. What is the balance in the Accumulated Depreciation account at December 31, 2024 if the straight-line method is used? O A. $70,000 OB. $35,000 OC. $37,500 OD. $20,000 Equipment costing $25,400 with a book value of $14,900 is sold for $9,400. Which journal entry is used to record the sale? O A. debit Cash for $9,400, debit Accumulated Depreciation - Equipment for $16,000 and credit Equipment for $25,400 OB. debit Cash for $9,400, debit Accumulated Depreciation - Equipment for $10,500, credit Equipment for $14,900 and credit Gain on Sale of Equipment for $5,000 OC. debit Cash for $9,400 and credit Equipment for 9,400 OD. debit Cash for $9,400, debit Accumulated Depreciation - Equipment for $10,500, debit Loss on Sale of Equipment for $5,500 and credit Equipment for $25,400 The Accumulated Depreciation account is an income statement account. True False
