accounting

posted by .

1-On May 1, 2012, Pinkley Company sells office furniture for $150,000 cash. The office furniture originally cost $375,000 when purchased on January 1, 2005. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $37,500. What depreciation expense should be recorded on this asset in 2012?


2-Eckman Company purchased equipment for $80,000 on January 1, 2011, and will use the double-declining-balance method of depreciation. It is estimated that the equipment will have a 5-year life and a $4,000 salvage value at the end of its useful life. The amount of depreciation expense recognized in the year 2013 will be?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting

    A new company called Bloomner construct, buys and sells furniture. During January the following happens: 1. The owner of the company pays in $50 000 into the cash, as starting capital. 2. The bank grants the company a bank loan of …
  2. Accounts

    The following details relates to the two machines X and Y: Machine X Machine Y Cost Estimated Life Estimated salvage value Working Capital required in the beginning Rs. 56,125 Rs.56,125 5 years 5 years Rs. 3,000 Rs. 3,000 Rs.10,000 …
  3. business

    In recent years, Juresic Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected. …
  4. math

    In recent years, Juresic Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected. …
  5. accounting

    Three different companies each purchased a machine on January 1, 2012, for $54,000. Each machine was expected to last five years or 200,000 hours. Salvage value was estimated to be $4000. All three machines were operated for 50,000 …
  6. Financial Accounting

    Prepare the general journal entries for the following transactions: Jan 2, 2011 -- Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 cash down and signed a mortgage payable for the balance. …
  7. Accounting

    In 20X0, ABC company purchased machine for $300,000 that had a useful life of 5 years, with a salvage value of $50,000 at the end its life. Depreciation was calculated over 2 years on straight-line basis. In 20X2, it determined that …
  8. business finance

    please point me in the right direction to begin. Thanks! Your small business needs to buy new office furniture for your new headquarters. You have the option of leasing the furniture, or buying the furniture. You can purchase the furniture …
  9. managerial accounting

    Equipment reported in the December 31, 2013, balance sheet was purchased in January 2013. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases …
  10. Accounting

    On 2015 January 1, Jackson Company purchased equipment for $440,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of $40,000. If Jackson uses the straight-line depreciation method, what is the …

More Similar Questions