Reference no: EM132739436
On April 2, 2017, Victor, Inc. acquired a new piece of filtering equipment. The cost of the equipment was $340,000 with a residual value of $20,000 at the end of its estimated useful lifetime of 10 years.
Problem 1: Assume that in its financial statements, Victor uses straight-line depreciation and rounds depreciation for fractional years to the nearest whole month. Depreciation recognized on this equipment in 2017 and 2018 will be:
Multiple Choice
Option 1: $32,000 in 2017 and $32,000 in 2018.
Option 2: $34,000 in 2017 and $76,500 in 2018.
Option 3: $20,000 in 2017 and $32,000 in 2018.
Option 4: $24,000 in 2017 and $32,000 in 2018.
Problem 2: Assume that in its financial statements, Victor uses straight-line depreciation and the half-year convention. Depreciation recognized on this equipment in 2017 and 2018 will be:
Multiple Choice
Option 1: $34,000 in 2017 and $30,600 in 2018.
Option 2: $20,000 in 2017 and $32,000 in 2018.
Option 3: $16,000 in 2017 and $32,000 in 2018.
Option 4: $24,000 in 2017 and $30,600 in 2018.
Problem 3: If Victor uses straight-line depreciation with the half-year convention, the book value of the equipment at December 31, 2018 will be:
Multiple Choice
Option 1: $276,000.
Option 2: $292,000.
Option 3: $288,000.
Option 4: $212,500.
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