The median of all the string numbers would be 52
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Answer:
Acquisition cost of the Equipment = $94,000
Double declining depreciation rate = 25%
Explanation:
a. The computation of the acquisition cost of the equipment is shown below:-
Acquisition cost of the Equipment = Invoice cost + Freight costs + Installation wiring and foundation + Material and labor costs used in testing
= $90,000 + $1,100 + $2,200 + $700
= $94,000
b. The computation of double declining depreciation rate is here below:-
Double declining depreciation rate = 1 ÷ Depreciation life × Times
= 1 ÷ 8 × 2
= 0.125 × 2
= 0.25
or
= 25%
Answer:
$13,899.60
Explanation:
The amount of interest income that Ms. Ann Price should recognize in year 2020,the year the loan was given to Joe Kiger is the amount of the loan given out multiplied by the prevailing interest on similar loan which is shown below:
interest income in the year 2020=$154,440*9%=$13,899.60
The amount computed is the interest amortized for the year.
By multiplying the prevailing interest rate by outstanding loan amount each ,at end of the third year the loan amount would be $200,000 as shown below:
future value=$154,440*(1+9%)^3=$ 200,004.28 approximately $200,00
