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Question A machine with a cost of $90,000 has an estimated residual value of $8,000 and an estimated life of 4 years or 25,000 hours.
Question A machine with a cost of $90,000 has an estimated residual value of $8,000 and an estimated life of 4 years or 25,000 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method? Your Answer: Question . According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued salaries would include a O debit to Salary Payable of $450,000 O credit to Salary Payable of $500,000 0 credit to Salary Expense of $450,000 O debit to Salary Expense of $500,000
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