Question1:Abe's Sporting Goods purchased store fixtures on January 1, 2018, at a cost of $180,000....
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Question1:Abe's Sporting Goods purchased store fixtures on January 1, 2018, at a cost of $180,000. The anticipated service life was ten years, with a residual value of $8,000. Abe's has been using the straight-line method but in 2020 adopted the double declining method. Abe's has a December 31 year-end. Ignoring income taxes, the journal entry to record depreciation for 2020 is: Debit Credit A) Depreciation expense 36,400 Accumulated depreciation 36,400 B) Depreciation expense 29,120 Accumulated depreciation 29,120 C) Accumulated depreciation 28,800 Cumulative effect of accounting change 28,800 D) None of the above
Question 2:The amount of goodwill to record in a business acquisition is the excess of the fair value of the identifiable net assets acquired over the consideration given. True False
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