• Exel purchased equipment for $100,000 on January 1st, 2020. The equipment will last for 4 years with no salvage value and will be depreciated straight line. On January 1st, 2022, Exel determined the equipment should be revalued +5%, according to IFRS. Depreciation Expense for December 31t, 2022 will be : O $26,250. $12,000. O $18,000. O $22,000.

• Exel purchased equipment for $100,000 on January 1st, 2020. The equipment will last for 4 years with no salvage value and will be depreciated straight line. On January 1st, 2022, Exel determined the equipment should be revalued +5%, according to IFRS. Depreciation Expense for December 31t, 2022 will be : O $26,250. $12,000. O $18,000. O $22,000.

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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Chandler Company purchased a factory machinery on May 1, 2030 for $133,500 with an estimated 5- year life. It is estimated that the machinery will have a $22,000 salvage value. What is the amount of depreciation expense at December 31, 2030 using the straight-line method of depreciation? O $26,700 O $20,733 O $22,300 O $14,867 O $17,800
On October 1, 2022, Sandhill Co. places a new asset into service. The cost of the asset is $103500 with an estimated 5-year life and $22500 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Sandhill Co. uses the straight-line method of depreciation? O $4050. O $10350. O $20700. O $5175.
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Khareef Salalah Company purchased an equipment for RO 420,000 on June 1, 2019. It is estimated to have a 4-year useful life and RO 15,000 residual value. Using the declining balance method of depreciation, the ending balance of accumulated depreciation at December 31, 2020 is: a. None of the options are correct O b. RO 271,500 O c. RO 86,250 O d. RO 271,250 O e. RO 155,000 NEXT PAGE edu.om/mod/quiz/attempt.php?attempt=1992852&cmid%3D903835# B. pe here to search tby vs 10 S acer
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