MartinCompanypaid$500,000forapieceofequipment.Martinusesstraight-linedepreciation.Currentlytheequipmenthasabalanceintheaccumulateddepreciationaccountof$200,000.Iftheassethasnoresidualvalueandanestimatedlifeof10years,howmanyyearshastheassetbeendepreciated?
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OnJanuary2,2016,MumfordCorporationacquiredequipmentfor$80,000.Theestimatedlifeoftheequipmentis4years.Theestimatedresidualvalueis$5,000.Whatistheamountofdepreciationexpensefor2017,ifthecompanyusesthedouble-declining-balancemethodofdepreciation?
A. $18,750
B. $20,000
C. $37,500
D. $40,000
OnJanuary4,2016,Mary'sCafeacquiredequipmentfor$200,000.Theestimatedlifeoftheequipmentis8years.Theestimatedresidualvalueis$10,000.WhatisthebalanceintheAccumulatedDepreciationaccountatDecember31,2017ifthestraight-linemethodisused?
A. $10,000
B. $25,000
C. $47,500
D. $50,000
OnJanuary2,2015,KonanCorporationacquiredequipmentfor$300,000.Theestimatedlifeoftheequipmentis5years.Theestimatedresidualvalueis$20,000.WhatisthebalanceinAccumulatedDepreciationonDecember31,2016,ifKonanCorporationusesthedouble-declining-balancemethodofdepreciation?
A. $192,000
B. $195,200
C. $208,000
D. $240,000
OnJanuary2,2015,KelloggCorporationacquiredequipmentfor$300,000.Theestimatedlifeoftheequipmentis5years.Theestimatedresidualvalueis$20,000.WhatisthebookvalueoftheassetonDecember31,2016,ifKelloggCorporationusesthestraight-linemethodofdepreciation?
A. $180,000
B. $188,000
C. $240,000
D. $244,000