Use the Following to Answer Questions

question 30

Multiple Choice

Use the following to answer questions
Jing Company was started on January 1,2016 when it issued common stock for $50,000 cash.Also,on January 1,2016 the company purchased office equipment that cost $34,000 cash.The equipment was delivered under terms FOB shipping point,and transportation cost was $2,000.The equipment had a five-year useful life and a $12,000 expected salvage value.
-Using double-declining balance depreciation,determine the amount of depreciation expense and the amount of accumulated depreciation that would appear on the December 31,2018 financial statements.

• A)$0/$24,000.
• B)$960/$24,000.
• C)$8,640/$23,040.
• D)$5,184/$28,224.

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Definitions:

Reaction

A process in which substances interact, typically involving bond formation or breakage, resulting in the transformation into different substances.

Ethylene Oxide

A highly reactive, flammable gas used primarily to produce ethylene glycol and as a sterilant for medical equipment and supplies.

N-pentyllithium

A lithium organic compound used as a strong base and nucleophile in organic synthesis, with a pentyl group attached to lithium.

Aqueous Acid

An acid that is dissolved in water, where it dissociates to some extent into hydrogen ions and anions.