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Equipment was purchased for $92000 on January 1, 2021. Freight charges amounted to $3100 and there was a cost of $10000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $15000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2022, if the straight-line method of depreciation is used? O $36040 $31560 O $18020 O $15780

Equipment was purchased for $92000 on January 1, 2021. Freight charges amounted to $3100 and there was a cost of $10000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $15000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2022, if the straight-line method of depreciation is used? O $36040 $31560 O $18020 O $15780

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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Equipment was purchased for $92000 on January 1, 2021. Freight charges amounted to $3100 and there was a cost of $10000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $15000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2022, if the straight-line method of depreciation is used? O $36040 O $31560 O $18020 O $15780
Transcribed Image Text:Equipment was purchased for $92000 on January 1, 2021. Freight charges amounted to $3100 and there was a cost of $10000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $15000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2022, if the straight-line method of depreciation is used? O $36040 O $31560 O $18020 O $15780
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