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Nitella [24]
3 years ago
11

On January 1, a machine with a useful life of five years and a residual value of $5,000 was purchased for $25,000. What is the d

epreciation expense for year 2 under straight-line depreciation?a. $5,000b. $15,000c. $4,000d. $12,000
Business
1 answer:
emmasim [6.3K]3 years ago
7 0

Answer:

c. $4,000

Explanation:

The computation of the depreciation expense for year 2 under straight-line method is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($25,000 - $5,000) ÷ (5 years)

= ($20,000) ÷ (5 years)  

= $4,000

In this method, the depreciation is same for all the remaining useful life i.e $4,000 is charged for remaining three years

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4 0
3 years ago
A creditor who extends credit to a consumer to purchase a consumer good under a written security agreement obtains​ a(n) _____ s
devlian [24]

A creditor who extends credit to a consumer to purchase a consumer good under a written security agreement obtains​ a<u> "purchase money" </u>security interest in the consumer good.

A purchase money security interest (PMSI) is a legitimate claim that enables a lender to repossess property financed with its loan or demand repayment in real money if the borrower defaults. It gives the lender need over other creditors cases.  

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3 years ago
ABC Tax Planning Service started business in January 2018. The company rented an office for $5,400 per month starting from Janua
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Answer:

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Explanation:

given data

rent office =  $5,400 per month

rent paid = 6 month i.e January 1 to June 30

to find out

balance in the Prepaid Rent account as of April 30

solution

we know here that Period Expired till April 30 = 4 months ( January 1 to April 30)

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6 0
2 years ago
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The self-regulating economy experiences a recessionary gap. The real GDP is less than the level of natural real GDP. The gap is been corrected by the rightward shift in the short-run aggregate supply curve.

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Learn more about Monetary policy here:

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8 0
2 years ago
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