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Crane Company purchased equipment for $100000 on January 1, 2020 and will use the double-declining-balance method...

Crane Company purchased equipment for $100000 on January 1, 2020 and will use the double-declining-balance method of depreciation. It is estimated that the equipment will have a 5-year life and a $18000 salvage value at the end of its useful life. The amount of depreciation expense recognized in the year 2022 will be

$13536.

$19680.

$14400.

$24000.

On October 1, 2022, Blossom Company places a new asset into service. The cost of the asset is $120000 with an estimated 4-year life and $20000 salvage value at the end of its useful life. What is the book value of the plant asset on the December 31, 2022 balance sheet assuming that Blossom Company uses the double-declining-balance method of depreciation?

$85000.

$105000.

$100000.

$112500.

Flounder Corp. bought equipment on January 1, 2022. The equipment cost $350000 and had an expected salvage value of $35000. The life of the equipment was estimated to be 4 years. The company uses the straight-line method of depreciation. The book value of the equipment at the beginning of the third year would be

$350000.

$315000.

$192500.

$157500.

A company has the following assets:

Buildings and Equipment,

    less accumulated depreciation of $4000000

$20000000

Copyrights

2000000

Patents

10000000

Land

12000000


The total amount reported under Property, Plant, and Equipment would be

$32000000.

$34000000.

$42000000.

$44000000.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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