Waco Company was started on January 1, 2011 when it issued common stock for $15,000...
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Waco Company was started on January 1, 2011 when it issued common stock for $15,000 cash. Also on January 1, 2011 the company purchased office equipment that cost $15,000 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,000. The equipment had a five year useful life and a $1,200 expected salvage value.
4. Using straight line depreciation, determine the amount of depreciation expense and the amount of accumulated depreciation that would appear on the December 31, 2013 financial statements. $2,608/$7,824. $2,960/$2,960. $2,600/$7,800. $2,960/$8,880.
4.
Using straight line depreciation, determine the amount of depreciation expense and the amount of accumulated depreciation that would appear on the December 31, 2013 financial statements.
| $2,608/$7,824. | |
| $2,960/$2,960. | |
| $2,600/$7,800. | |
| $2,960/$8,880. |
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