Haney Furniture purchased a delivery truck on January 1, 2014 for $60,000. The financial statement impact of the annual depreciation adjusting entry is illustrated using a slider that assumes different amounts for the annual depreciation. If an answer is zero, enter "0".1.The book value of the delivery equipment will be _________ over time. 2.The accumulated depreciation of the delivery equipment will be ________ over time. 3.If the annual depreciation is $15,000, the book value of the delivery equipment on December 31, 2014 would be $___________ 4.The depreciation expense for 2014 will be__________ the accumulated depreciation balance on December 31, 2015. 5.If the annual depreciation were $5,000, the accumulated depreciation balance on January 1, 2014 would be $_________ 6.If the annual depreciation were $10,000, the accumulated depreciation balance on December 31, 2014 would be _________-

1. Book value of delivery equipment will be depreciated over time. 2. The accumulated…

Answered: Haney Furniture purchased a delivery…

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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Haney Furniture purchased a delivery truck on January 1, 2014 for $60,000. The financial statement impact of the annual depreciation adjusting entry is illustrated using a slider that assumes different amounts for the annual depreciation.

If an answer is zero, enter "0".

1.	The book value of the delivery equipment will be _________ over time.

2.	The accumulated depreciation of the delivery equipment will be ________ over time.

3.	If the annual depreciation is $15,000, the book value of the delivery equipment on December 31, 2014 would be $___________

4.	The depreciation expense for 2014 will be__________ the accumulated depreciation balance on December 31, 2015.

5.	If the annual depreciation were $5,000, the accumulated depreciation balance on January 1, 2014 would be $_________

6.	If the annual depreciation were $10,000, the accumulated depreciation balance on December 31, 2014 would be _________-

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