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QUESTION 1 Please help me with my homework assignment. This is question 1 and 2. Thank...

QUESTION 1 Please help me with my homework assignment. This is question 1 and 2. Thank you and have a good day. 2020 An asset

QUESTION 1 Please help me with my homework assignment. This is question 1 and 2. Thank you and have a good day. 2020 An asset has an initial cost of $65,000 and an estimated salvage value of $5,000 after 12 years. The amount of accumulated depreciation after 5 years if straight-line depreciation is used is closest to: a. $25,000 Cb. $15,000 C. $12,500 C d. $37,500 QUESTION 2 An asset with a life of 7 years was purchased 4 years ago at a cost of $10,000. It now has a book value of $5,200 based on straight-line depreciation. The asset's expected salvage value is closest to: Ca. $1,200 C b. $1,000 C C. $1,600 Cd. $2,000
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Answer #1

Question:1

The Answer is A. $ 25,000

Working:

Equipment Cost $               65,000
Estimated Salvage Value $                 5,000
Useful Life 12 Years
Accumulated Depreciation after 5 Years [(65000-5000)/12Years*5Years] $               25,000

So, Remaining options are incorrect.
Question:2

The Answer is C. $ 1,600

Working:

Equipment Cost $               10,000
Book Value After 4 Years $                 5,200
Useful Life 7 Years
If Salvage Value is $                 1,600
Book Value After 4 Years[10000-((10000-1600)/7Years*4Years)] $                 5,200

So, Remaining options are incorrect.

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