Income statement of worthington company

Reference no: EM13154968

Worthington Company purchased a machine on January 1, 2008, for $3,600,000. At the date of acquisition, the machine had an estimated useful life of six years with no salvage. The machine is being depreciated on a straight-line basis. On January 1, 2011, Worthington determined, as a result of additional information, that the machine had an estimated useful life of eight years from the date of acquisition with no salvage. An accounting change was made to reflect this additional information. What amount of depreciation expense should be reported in Worthington's income statement for the year ended December 31, 2011?

a. $600,000

b. $450,000

c. $360,000

d. $225,000

Reference no: EM13154968

Questions Cloud

What is the resulting ph : 25 mL of 0.10 M HCl is mixed with 25 mL of .43 M NH3. What is the resulting pH?

Journal entry to record depreciation for current year : Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses:

What is the pressure of this gas sample : A sample of HCl gas is placed in 326mL flask where it exerts a pressure of 67.5 mmHg. What is the pressure of this gas sample if it is transferred to a 135mL flask at the same temperature?

Approximately what percentage of the acetic acid molecules : approximately what percentage of the acetic acid molecules are protonated and neutral in charge at pH 5.7?

Income statement of worthington company : Worthington Company purchased a machine on January 1, 2008, for $3,600,000. At the date of acquisition, the machine had an estimated useful life of six years with no salvage.

Discrepancies between ifrs and u.s. gaap : the U.S. is going global, which is easier with all of our current technology. Using the textbook, and at least 2 other relevant references, (sorry, no Wikipedia) where do you see the U.S. in the next 5 years? When do you estimate IFRS will become man..

Increase the balance of an expense account : If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry?

What will be the impact on american business : what will be the impact on American business, in terms of how businesses create value by integrating the production and distribution of goods, services, and information?

Accrual of interest and amortization of bond discount : On August 1, Stuart Co. issued $1,300,000 of 20-year, 9% bonds, dated August 1, for $1,225,000. Interest is payable semiannually on February 1 and August 1. Present the entries to record the following transactions for the current year:

User Account

All Pages