Section 3-THE STRAIGHT-LINE METHOD OF 1. DEPRECIATION Assume all companies are on a calendar year unless otherwise stated. On January 1, 20X1, your company, which uses the straight- line method, purchases 3 machines, recorded as follows: Salvage Value Useful Life Cost Machine No. 1 $ 6,000 $1,000 5 years Machine No. 2 6,000 1,000 10 years Machine No. 3 11,000 1,000 10 years What is total 20X1 depreciation for the 3 machines? a. $2,500 b. $2,900 C. $1,250 d. $5,000 2. DepCo uses the straight-line method. Assets purchased between the 1" and 15th are depreciated for the entire month; assets purchased after the 15 as though they were acquired the following month. On March 20, 20X1, DepCo purchases for $9,000 a printer that it expects to last for 5 years and to have a residual value of $2,000. What is 20X1 depreciation expense for the printer? a. $1,000 3. b. $800 c. $1,050 d. $250 DepCo uses the straight-line method. Assets purchased between the 1" and 15 are depreciated for the entire month; assets purchased after the 15 as though they were acquired the following month. On March 20, 20X1, DepCo purchases for $9,000 a printer that it expects to last for 5 years and to have a residual value of $2,000. What is 20X2 depreciation expense for the printer? a. $1,400 b. $800 C. $750 4. d. $250 DepCo uses the straight-line method. Assets purchased between the 1" and 15 are depreciated for the entire month; assets purchased after the 15 as though they were acquired the following month. On March 20, 20X1, DepCo purchases for $9,000 a printer that it expects to last for 5 years and have a residual value of $2,000. What is the balance in DepCo's Accumulated Depreciation account as of Dec. 31,20X3? a. b. $3,000 $3,850 c. $1,750 d. Insufficient information to calculate