MacGyver Company bought equipment on January 3, 2019, for $52,000. At the time of purchase, the equipment was estimated to have a useful life of five years and a salvage value of $4,000. Using the straight-line method, the amount of one year's depreciation is:
A) $1,200.
B) $4,000.
C) $9,600.
D) $10,400.
Correct Answer:
Verified
Q2: Land is a long-term asset that is
Q3: Prepaid expenses, such as prepaid rent and
Q4: Which of the following need not be
Q5: The balances of the revenue accounts are
Q6: If the adjustment for supplies used is
Q7: Preparation of a worksheet eliminates the necessity
Q8: A total of $2,800 in supplies was
Q9: Adjusting Entries are:
A)updating entries for previously unrecorded
Q10: If the adjustment for expired rent is
Q11: When a trial balance is in balance,
A)adjusting
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