Question 1

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On January 1, 2017, Anodel, Inc. acquired a
machine for $1,080,000. The estimated useful life of the asset is five years.
Residual value at the end of five years is estimated to be $56,000. Calculate
the depreciation expense per year using the straight-line method.

Question 2

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Radar, Inc. purchased a van on January 1,
2016, for $830,000. Estimated life of the van was five years, and its estimated
residual value was $96,000. Radar uses the straight-line method of
depreciation. At the beginning of 2018, the corporation revised the total
estimated life of the asset from five years to six years. The estimated
residual value remained the same as estimated earlier. Calculate the
depreciation expense for 2018.

Question 3

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Hastings Corporation has
purchased a group of assets for $21,900. The assets and their relative market
values are listed below.

Which of the following amounts would be debited to the Land account? (Round any
intermediate calculations to two decimal places, and your final answer to the
nearest dollar.)

Question 4

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The cost of an asset is $1,160,000, and its
residual value is $160,000. Estimated useful life of the asset is four years.
Calculate depreciation for the first year using the double-declining-balance
method of depreciation. (Do not round any intermediate calculations, and round
your final answer to the nearest dollar.)

Question 5

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Hawkeye Corporation has acquired a property
that included both land and a building for $560,000. The corporation hired an
appraiser who has determined that the market value of the land is $370,000 and
that of the building is $400,000. At what amount should the corporation record
the cost of land? (Round any intermediate calculations to two decimal places,
and your final answer to the nearest dollar.)

Question 6

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A photocopier cost $95,000 when new and has
accumulated depreciation of $90,000. If the business discards this plant asset,
the result is __________.

Question 7

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On June 30, 2016, Colora Printers purchased a
printer for $59,000. It expects the printer to last for four years and have a
residual value of $8,000. Compute the depreciation expense on the printer for
the year ended December 31, 2016, using the straight-line method. (Round any
intermediate calculations to two decimal places, and your final answer to the
nearest dollar.)

Question 8

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Acer, Inc. plans to
develop a shopping center. In the first quarter, the following amounts were
spent:

What amount should be recorded as the cost of the land in the corporation’s
books?

Question 9

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On January 1, 2017, Zade Manufacturing
Corporation purchased a machine for $40,900,000. Zade’s management expects to
use the machine for 27,000 hours over the next six years. The estimated
residual value of the machine at the end of the sixth year is $47,000. The
machine was used for 3,900 hours in 2017 and 5,400 hours in 2018. What is the
depreciation expense for 2017 if the corporation uses the units-of-production
method of depreciation? (Round any intermediate calculations to two decimal
places, and your final answer to the nearest dollar.)

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