Kansas Enterprises purchased equipment for $75,000 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $8,850 at the end of ten years. Using the straight-line method, depreciation expense for 2021 would be: Multiple Choice $6,615. $8,385. $15,000. $7,500 Kansas Enterprises purchased equipment for $81,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,450 at the end of ten years. Using the double-declining balance method, depreciation expense for 2021 would be: (Do not round your intermediate calculations) Multiple Choice $8,150 $16,300. $9,850 $15,010. Which of the following is not a current liability? Multiple Choice Notes payable due in six months. Current portion of long-term debt. An unused line of credit. Deferred revenue to be earned in nine months. If bonds are issued with a stated interest rate higher than the market interest rate, the bonds will be issued at Multiple Choice A premium. Face amount. A discount. A discount or premium depending on the maturity date
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