Cutter Enterprises purchased equipment for $87,000 on January 1, 2021. The equipment is expected to...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Cutter Enterprises purchased equipment for $87,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $6,300 Using the sum-of-the-years'-digits method, depreciation for 2021 and book value at December 31, 2021, would be (Do not round depreciation rate per year) Multiple Choice O $29,000 and $51,700 respectively $29,000 and $58,000 respectively O $25,900 and $60,100 respectively. $26,900 and $53,800 respectively Robertson Inc. prepares its financial statements according to International Financial Reporting Standards (IFRS). At the end of its 2021 fiscal year, the company chooses to revalue its equipment. The equipment cost $534,000, had accumulated depreciation of $241,000 at the end of the year after recording annual depreciation, and had a fair value of $331,000. After the revaluation, the accumulated depreciation account will have a balance of. (Do not round Intermediate calculations.) Multiple Choice O $241,000 O $272256 O $279.000 None of these answer choices are correct Thing
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
