Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 8.00

Kingston Company

Kingston Company purchased a piece of equipment on January 1, 2012. The equipment cost $120,000 and had an estimated life of 8 years and a salvage value of $15,000. What was the depreciation expense for the asset for 2013 under the double-declining-balance method?

  $13,000.
  $22,500.
  $30,000.
 

$23,438.

On July 4, 2013, Wyoming Mining Company purchased the mineral rights to a granite deposit for $1,200,000. It is estimated that the recoverable granite will be 400,000 tons. During 2013, 100,000 tons of granite was extracted and 60,000 tons were sold. The amount of the Depletion Expense recognized for 2013 would be

  $150,000.
  $90,000.
  $180,000.
  $300,000.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 04:08 PM My Price 8.00

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