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Archie Co. purchased a framing machine for $51,000 on January 1, 2021. The machine is...

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Accounting

Archie Co. purchased a framing machine for $51,000 on January 1, 2021. The machine is expected to have a four-year life, with a residual value of $7,000 at the end of four years. Using the straight-line method, depreciation for 2022 and book value at December 31, 2022, would be:

Multiple Choice

  • $11,000 and $22,000 respectively.

  • $11,000 and $29,000 respectively.

  • $12,750 and $18,500 respectively.

  • $12,750 and $25,500 respectively.

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