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Company XYZ purchased equipment on October 28, 2022 at a cost of $5,000. The equipment is expected to last 5 years and the the company's year end is December 31, 2022. Answer the following questions: Remember to prorate to the nearest month! Fill in the blanks be sure to not include any commas or decimals unless otherwise stated. For example $1,000.00 should be expressed as 1000. Only include decimals when told. rounded to the 1. How much depreciation expense should be included in the December 31, 2022 Statement of Income? $ nearest $1 2. How much depreciation expense should be included in the December 31, 2022 Statement of Income if the equipment was purchased on June 28, 2022? S rounded to the nearest $0.01 3. How much depreciation expense should be included in the December 31, 2022 Statement of Income if the equipment was purchased on January 3, 2022? S rounded to the nearest $0.01

Company XYZ purchased equipment on October 28, 2022 at a cost of $5,000. The equipment is expected to last 5 years and the the company's year end is December 31, 2022. Answer the following questions: Remember to prorate to the nearest month! Fill in the blanks be sure to not include any commas or decimals unless otherwise stated. For example $1,000.00 should be expressed as 1000. Only include decimals when told. rounded to the 1. How much depreciation expense should be included in the December 31, 2022 Statement of Income? $ nearest $1 2. How much depreciation expense should be included in the December 31, 2022 Statement of Income if the equipment was purchased on June 28, 2022? S rounded to the nearest $0.01 3. How much depreciation expense should be included in the December 31, 2022 Statement of Income if the equipment was purchased on January 3, 2022? S rounded to the nearest $0.01

FINANCIAL ACCOUNTING
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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Company XYZ purchased equipment on October 28, 2022 at a cost of $5,000. The equipment is expected to last 5 years and the the company's year end is December 31, 2022. Answer the following questions: Remember to prorate to the nearest month! Fill in the blanks be sure to not include any commas or decimals unless otherwise stated. For example $1,000.00 should be expressed as 1000. Only include decimals when told. rounded to the 1. How much depreciation expense should be included in the December 31, 2022 Statement of Income? $ nearest $11 2. How much depreciation expense should be included in the December 31, 2022 Statement of Income if the equipment was purchased on June 28, 2022? $ rounded to the nearest $0.01 3. How much depreciation expense should be included in the December 31, 2022 Statement of Income if the equipment was purchased on January 3, 2022? $ rounded to the nearest $0.01
Transcribed Image Text:Company XYZ purchased equipment on October 28, 2022 at a cost of $5,000. The equipment is expected to last 5 years and the the company's year end is December 31, 2022. Answer the following questions: Remember to prorate to the nearest month! Fill in the blanks be sure to not include any commas or decimals unless otherwise stated. For example $1,000.00 should be expressed as 1000. Only include decimals when told. rounded to the 1. How much depreciation expense should be included in the December 31, 2022 Statement of Income? $ nearest $11 2. How much depreciation expense should be included in the December 31, 2022 Statement of Income if the equipment was purchased on June 28, 2022? $ rounded to the nearest $0.01 3. How much depreciation expense should be included in the December 31, 2022 Statement of Income if the equipment was purchased on January 3, 2022? $ rounded to the nearest $0.01
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