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4. MC.09-90 The calculation for annual depreciation using the straight-line depreciation method is Initial cost...

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4. MC.09-90 The calculation for annual depreciation using the straight-line depreciation method is Initial cost / Estimated useful life Depreciable cost / Estimated useful life Initial cost x Estimated useful life Depreciable cost x Estimated useful life 5. MC.09-65 Accumulated Depreciation a. is used to show the amount of cost expiration of intangibles. b. is used to show the amount of cost expiration of natural resources. c. is the same as Depreciation Expense. d. is a contra asset account. 6. MC.09-94 On June 1, Scotter Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 and an estimated useful life of 3 years or 30,000 hours. Using straight-line depreciation, calculate depreciation expense for the first year, which ends on December 31. $30,000 $17,500 $40,000 $12,500 7. MC.09-87 Residual value is also known as all of the following except trade-in value salvage value net book value scrap value

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