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tatuchka [14]
3 years ago
15

On January​ 2, 2019, Kornis Corporation acquired equipment for $1,000,000. The estimated life of the equipment is 5 years or 100

,000 hours. The estimated residual value is $20,000.
What is the balance in Accumulated Depreciation on December​ 31, 2019, if Kornis Corporation uses the double−declining−balance method of​ depreciation?
Business
1 answer:
Scrat [10]3 years ago
5 0

Answer:

$392,000

Explanation:

Double-declining-balance method is (2/useful life) x cost -accumulated depreciation)

cost = purchase price - residual value

2/5 x( 1000000-20000)

= $392,000

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7 0
2 years ago
Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transact
kvv77 [185]

Answer:

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Explanation:

3 0
3 years ago
Capital One is advertising a 60-month, 5.99% APR motorcycle loan. If you need to borrow$8000 to purchase your dream Harley David
spayn [35]

Answer:

R=154.66941

Explanation:

the payment will be made monthly so we need to convert the 5.99% APR in to moths

Monthly Interest =5.99%/12 = 0.499%

Total payments = 60

Amount Borrowed = $8000

Rental = ?

Using the annuity formula = P=R*(1-(1+i )^-n ) / i

So we have = 8000=R*(1-(1+0.499%)^-60) / 0.499%

8000=R* (1-0.74181) / 0.499%

8000=R* 0.25818/ 0.499%

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6 0
4 years ago
This year, Major Healy paid $40,000 of interest on a mortgage on his home (he borrowed $800,000 to buy the residence in 2015; $9
icang [17]

Answer:

$50,000

Explanation:

The computation of the interest expense for deduction is shown below:

= Interest on a mortgage on his home + Interest on a mortgage on his vacation home  

= $40,000 + $10,000

= $50,000

All other information which is given in the question is not relevant for the computation part. Hence, ignored it  

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5 0
3 years ago
Concord Company purchased equipment for $25200 on December 1. It is estimated that annual depreciation on the equipment will be
Ray Of Light [21]

Answer:

Debit Depreciation Expense, $525;

Credit Accumulated Depreciation, $525.

Explanation:

Based on the information given in a situation where the financial statements are to be prepared on December 31, which means that the company should make the following adjusting entry:

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Credit Accumulated Depreciation, $525

Calculated as:

Debit depreciation expense $6,300/12

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7 0
3 years ago
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