Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1 of year 1, company t purchased an equ

On January 1 of year 1, Company T purchased an equipment for 250,000 and uses...

50.1K

Verified Solution

Question

Accounting

On January 1 of year 1, Company T purchased an equipment for 250,000 and uses the sum-of-the-years' digits method to depreciate the equipment. The estimated salvage value of the equipment is $25,000 and the estimated useful life is five years. What is the equipments carrying amount as of December 31, year 3?
  • A. $50,000
  • B. $60,000
  • C. $70,000
  • D. $80,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

T By O cy B This is a vector with components 10 12 A

Basic Math
1.2K views

Find the absolute maximum value and absolute minimum value, if any, of the function g(x) =...

Biology
1.2K views

In Covid-19 disease, what is the role of interferon and the adaptive immune response?

Physics
1.2K views

The centre of mass of a system cannot change its state of motion unless there...

Basic Math
1.2K views

Expand the given function in an appropriate cosine or sine series 0 1 1 f...

Basic Math
1.2K views

Select all the pairs of supplementary angles L J K F H ZKJL and ZKJG...

Accounting
1.2K views

Strawberry Fields purchased a tractor at a cost of $40,000 and sold it two years...

Accounting
1.2K views

Grants Corporation prepared the following two income statements (simplified for illustrative purposes): During the third...

Accounting
1.2K views

As per GASB 34, enterprise fund must be used when, a- All of these. b-Debt...

Accounting
1.2K views

A variety of SUTA reports need to be filed with respective state governments. Which of...

Finance
1.2K views

Question 18 You have a project that requires an investment of $100 today and will...

Finance
1.2K views

Calculate the Expected Return, Standard Deviation, and Coefficient of Variation based on the probability distribution...