On July 1, 20X2, a plant asset was acquired for $20,000 and had an estimated useful life of years and an estimated a straight-line method of depreciation is used, what would be the salvage value of $5,000. If the straight line method of depreciation is used, what would be the amount of the adjusting entry for depreciation expense at December 31, 20X2? a. $4, 500 b. $3,000 c. $2, 250 d. $1, 500 On January 1, 20X1, a plant asset was acquired for $20,000 and had an estimated useful life of four years and an estimated salvage value of $4,000. If the double declining-balance a method is used, the book value on value on December 31, 20X3, will be a. $4,000. b. $17, 500. c. $16,000. d. $5,000. Suppose a machine is purchased in 2008 for $50,000. The machine is expected to produce 200,000 units over its productive life. If 75,000 units were produced in 2008, what would be the depreciation expense for 2008? a. $33, 600.00 b. $75,000.00 c. $33, 687.50 d. $18, 750.00 An old delivery truck that cost$15,000 and has accumulated depreciation of $12,000 is sold for $4,000 cash. The journal entry will require a a. debit to the Depreciation Expense account for $12,000. b. debit to the Cash account for $3,000. c. credit to the Loss on Disposal of Plant Assets account for $1,000. d. debit to the Accumulated Depreciation account for $12,000