what is the correct answer 52-56

52) Equipment was purchased for $20,000, residual value is $1,000 and it is expected that the useful life is 10 years. What is the depreciation adjustment after the first year assuming straight-line depreciation? 53) Equipment was purchased for $20,000, residual value is $1,000 and it is expected that the useful life is 10 years. What is the amount in the Accumulated Depreciation account after 3 years assuming straight-line depreciation? 54) On January 1 the Prepaid Insurance account had a balance of $7,000 that represented 7 months' worth of advance payment. It is now the end of March and there have been no adjustments to the account balance. Determine the amount of expense to record at the end of March. 55) On November 30, the balance in the Supplies account was $900. During December additional supplies were purchased of $200. On December 31, there was $700 worth of Supplies on hand. What would be the adjustment for the month of December for Supplies? 56) A company pays wages of $3,000 per a traditional 5 day work week. The total expenses as of Friday, April 27 were $12,000. What would be the total expenses as of April 30