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UNO [17]
3 years ago
7

Flanders Company purchased an asset on January 1, 2021 for $60,000. The asset has an estimated salvage value of $3,000. Its esti

mated useful life is 8 years. What is the balance in accumulated depreciation using the straight-line method at December 31, 2022?
Business
1 answer:
emmasim [6.3K]3 years ago
7 0

Answer:

$14,250

Explanation:

Annual depreciation = (Cost - Salvage value) / Useful Life

Annual depreciation = ($60,000 - $3,000) / 8

Annual depreciation = $57,000 / 8

Annual depreciation = $7,125

Accumulated dep. at December 31, 2022 = $7,125 * 2

Accumulated dep. at December 31, 2022 = $14,250

So, the balance in accumulated depreciation using the straight-line method at December 31, 2022 is $14,250.

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Answer:

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3 0
2 years ago
Assume that Horicon Corp acquired 25% of the common stock of Sheboygan Corp. on January 1 for $300,000. During the year Sheboyga
sergejj [24]

Answer:

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It is Important to note that the Acquirer (Horicon Corp) is a Corporate.

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Cash $60,000 (debit)

Investment Income $60,000 (credit)

6 0
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