On January 1,2016,Warren Co

question 57

Short Answer

On January 1,2016,Warren Co.purchased a machine for $120,000.Warren estimated the useful life of the machine to be 10 years and the salvage value to be $20,000.Indicate whether each of the following statements is true or false.
_____ a)Depreciation expense for 2016 under the straight-line method would be $12,000.
_____ b)Depreciation expense for 2016 under the double declining method would be $24,000.
_____ c)The accumulated depreciation at the end of 2017 under the straight-line method would be $20,000.
_____ d)The accumulated depreciation at the end of 2017 under the double declining method would be $48,000.
_____ e)The book value of the machine under both the double declining method and the straight-line method at the end of 10 years would be $20,000.

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