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Please help- will rate :) On Jandary 1, Year 1, Jing Company purchased office equipment that cost $18,300 cash. The equipment was delivered under terms
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On Jandary 1, Year 1, Jing Company purchased office equipment that cost $18,300 cash. The equipment was delivered under terms FoB shipping point, and transportation cost was $2.800. The equiprnent had a five-year useful Ife and a $6,800 expected salvage value. Assume that Jing Comgany eamed $29,400 cash revenue and incurred $18,500 in cash expenses in Year 3 . The compary uses the straight-line method. The office equipment was sold on December 31, Year 3 for $10,400. What is the company's net income (lioss) for Year 3 ? HINT: Be sure to indude depreciation expense for Year 3 in your cilculationl 13,220 (\$3,020) 35,720 \$4.780 None of the abown Step by Step Solution
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