Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. nicholson company purchased equipment on january 1

Nicholson Company purchased equipment on January 1, 2018, for 120,000 with an estimated residual value...

50.1K

Verified Solution

Question

Accounting

Nicholson Company purchased equipment on January 1, 2018, for 120,000 with an estimated residual value of 30,000 and estimated useful life of 8 years. On January 1, 2020, Nicholson decided the equipment will last 12 years from the date of purchase. The residual value is still estimated at 30,000. Using the straight-line method the new annual depreciation will be?

A: 7,500

B: 6,750

C: 10,000

D: 9,000

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

ItemSkippedeBookPrintReferencesCheck my workCheck My Work button is now enabled3Item 1Item...ItemSkippedeBookPrintReferencesCheck my workCheck My Work...

Accounting
Q

Construct the titration curve, for the titration of 50.0 mL of 0.125 M trimethylamine with 0.175...

Chemistry
Q

Approximately 3 5 million years ago the Isthmus of Panama formed This new landmass severed...

Biology
Q

Joel and Carina are buying a house with an area of 1700 square feet. They...

Basic Math
Q

With 95 confidence construct an interval to estimate the true proportion of marshmallows in a...

Statistics
Q

8 Function Notation Let f x x 1 and find f a 2

Algebra
Q

Find the equation for a circle whose endpoints are 5 2 and 4 1 Write...

Algebra
Q

Burton Excavating purchased a bulldozer onJanuary 1, 2016 The...

Accounting
Q

PLEASE SHOW CALCULATIONS: ParticularsCommercial DivisionNew ProductCommercial Division after new productSales3,125,000800,0003,925,000Less: Variable...

Accounting
Q

Herring Wholesale Company has a defined benefit pension plan. On January 1,2024 , the following...

Accounting
Q

Scotts Company purchased a $70,000 building and purchased five used desks for $500. What would...

Accounting
Q

Cul de los siguientes describe mejor un presupuesto participativo tpico? a) est sujeto a...

Accounting