Problem 24-21 (ACP) ABC Company acquired an equipment on January 1, 2008. The asset has an estimated life of 4 years. An employee has prepared a depreciation schedule for this equipment using two methods, straight line and double declining balance, as follows: Straight line Double declining 2008 2009 2010 2011 1,500,000 1,500,000 1,500,000 1,500,000 6,000,000 What was the acquisition cost of the equipment? a. 6,000,000 b. 6,500,000 c. 8,125,000 d. 7,000,000 3,250,000 1,625,000 812,500 312,500 6,000,000

Problem 24-21 (ACP) ABC Company acquired an equipment on January 1, 2008. The asset has an estimated life of 4 years. An employee has prepared a depreciation schedule for this equipment using two methods, straight line and double declining balance, as follows: Straight line Double declining 2008 2009 2010 2011 1,500,000 1,500,000 1,500,000 1,500,000 6,000,000 What was the acquisition cost of the equipment? a. 6,000,000 b. 6,500,000 c. 8,125,000 d. 7,000,000 3,250,000 1,625,000 812,500 312,500 6,000,000

Name: Problem 24-21 (ACP)ABC Company acquired an equipment on January 1, 20
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Description: Problem 24-21 (ACP)ABC Company acquired an equipment on January 1, 2008. Theasset has an estimated life of 4 years. An employee has prepared adepreciation schedule for this equipment using two methods,straight line and double declining balance, as f

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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