Reference no: EM132672616
Problem 1: Equipment with a cost of $450,000 has an estimated salvage value of $30,000 and an estimated life of 4 years or 10,000 hours. It is to be depreciated by the declining balance method (double). What is the amount of depreciation for the first full year, during which the equipment was used 2,700 hours?
a. $225,000.
b. $210,000.
c. $112,500.
d. $113,400.
Problem 2: Grant Company has decided to change the estimate of the useful life of an asset that has been in service for 2 years. Which of the following statements describes the proper way to revise a useful life estimate?
a. Revisions in useful life are permitted if approved by the IRS.
b. Retroactive changes must be made to correct previously recorded depreciation.
c. Only future years will be affected by the revision.
d. Both current and future years will be affected by the revision.
Problem 3: Jack's Copy Shop bought equipment for $240,000 on January 1, 2018. Jack estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2019, Jack decides that the business will use the equipment for a total of 5 years. What is the revised depreciation expense for 2019?
a. $80,000.
b. $32,000.
c. $40,000.
d. $60,000.
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