3.A machine with a cost of? S20,000, a salvage value of? S8,000 and expected life of 15 years waspurchased on September 1. For a calendar year?company, the journal entry to record depreciation expensefor the first year would be? to:А.debit Depreciation? Expense, $200; credit Accumulated? Depreciation, $200.В.debit Depreciation? Expense, S67; credit Accumulated? Depreciation, $67.C.debit Depreciation? Expense, S267; credit Accumulated? Depreciation, $267.D.debit Depreciation? Expense, S333; credit Accumulated? Depreciation, S333.

Depreciation under Straight line method = (Cost - Residual value / Expected useful life)

3.A machine with a cost of? S20,000, a salvage value of? $8,000 and expected life of 15 years was purchased on September 1. For a calendar year?company, the journal entry to record depreciation expense for the first year would be? to: А. debit Depreciation? Expense, S200; credit Accumulated? Depreciation, $200. В. debit Depreciation? Expense, S67; credit Accumulated? Depreciation, $67. C. debit Depreciation? Expense, S267; credit Accumulated? Depreciation, $267. D. debit Depreciation? Expense, $333; credit Accumulated? Depreciation, $333.

3.A machine with a cost of? S20,000, a salvage value of? $8,000 and expected life of 15 years was purchased on September 1. For a calendar year?company, the journal entry to record depreciation expense for the first year would be? to: А. debit Depreciation? Expense, S200; credit Accumulated? Depreciation, $200. В. debit Depreciation? Expense, S67; credit Accumulated? Depreciation, $67. C. debit Depreciation? Expense, S267; credit Accumulated? Depreciation, $267. D. debit Depreciation? Expense, $333; credit Accumulated? Depreciation, $333.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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