Sheridan Motor Corporation bought equipment on January 1, 2025. The equipment cost $420000 and had an expected salvage of $70000. The life of the equipment was estimated to be 5 years. If the straight-line depreciation method is used, the book value the equipment at the beginning of the third year would be O $140000. O $280000. O $420000. O $350000.

Sheridan Motor Corporation bought equipment on January 1, 2025. The equipment cost $420000 and had an expected salvage of $70000. The life of the equipment was estimated to be 5 years. If the straight-line depreciation method is used, the book value the equipment at the beginning of the third year would be O $140000. O $280000. O $420000. O $350000.

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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Question

Sheridan Motor Corporation bought equipment on January 1, 2025. The equipment cost $420000 and had an expected salvage value
of $70000. The life of the equipment was estimated to be 5 years. If the straight-line depreciation method is used, the book value of
the equipment at the beginning of the third year would be
O $140000.
O $280000.
$420000.
$350000.

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Step 1: Introduce to depreciation expense

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Step 2: Working for annual depreciation expense using straight line method

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Step 3: Working for accumulated depreciation at end of second year

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Step 4: Working for book value at beginning of third year

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