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Please help me with questions 36 through 39 A company that uses a calendar...

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Accounting

Please help me with questions 36 through 39

A company that uses a calendar year purchases an asset with a historical cost of $250,000, a residual value of $5,000 and an estimated life of 5 years.

36. Under straight-line method, the depreciation rate is...

a. 40%

b. 20%

c. 10%

d. 4%

37. If the asset is acquired on September 30, the first-year depreciation under the straight line method is

a. $50,000

b. $49,000

c. $25,000

d. $12,250

38. If the asset is acquired on January 1, first-year depreciation under the double-declining balance method is

a. 40%

b. 20%

c. 25%

d. 5%

39. If the asset is acquired on January 1, and is depreciated under the double-declining balance method, second year depreciation is

a. $100,000

b. $60,000

c. $50,000

d. $25,000

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