Jing Company Was Started on January 1, Year 1 When

question 117

Multiple Choice

Jing Company was started on January 1, Year 1 when it issued common stock for $50,000 cash. Also, on January 1, Year 1 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, what the amount of depreciation expense and the amount of accumulated depreciation, respectively, that would appear on the December 31, Year 3 financial statements?

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

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Definitions:

SSRIs

Selective Serotonin Reuptake Inhibitors, a class of drugs often used in the treatment of depression and anxiety by increasing serotonin levels in the brain.

Paraphilias

Unusual or atypical sexual interests or practices that may cause distress or impairment in functioning or harm to oneself or others.

Compulsive-like Disorders

Conditions characterized by recurrent, irresistible impulses to perform specific actions that cause distress or functional impairment.

Sexual Contact

Any form of physical interaction of a sexual nature, including but not limited to sexual intercourse.