On January 1,2012,Racine Company purchased equipment that cost $55,000 cash.The equipment had an expected useful life of six years and an estimated salvage value of $4,000.Assuming that Racine depreciates its assets under the straight-line method,the amount of depreciation expense appearing on the December 31,2013 income statement and the amount of accumulated depreciation appearing on the December 31,2013 balance sheet would be:

Question

Quizplus · Accepted Answer

The Answer of On January 1,2012,Racine Company purchased equipment that cost $55,000 cash.The equipment had an expected useful life of six years and an estimated salvage value of $4,000.Assuming that Racine depreciates its assets under the straight-line method,the amount of depreciation expense appearing on the December 31,2013 income statement and the amount of accumulated depreciation appearing on the December 31,2013 balance sheet would be:

On January 1,2012,Racine Company Purchased Equipment That Cost $55,000 Cash