Exam 4 ch 10-11

Exam 4 ch 10-11 - Take Assessment: 2291 Final Exam Question...

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Take Assessment: 2291 Final Exam Question 1 4.5 points Save Which of the following is included in the cost of land? Question 2 4.5 points Save A used machine with a purchase price of $77,000, requiring an overhaul costing $8,000, installation costs of $5,000, and special acquisition fees of $2,000, would have a cost basis of
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Question 3 4.5 points Save In a lease contract, the party who legally owns the asset is the Question 4 4.5 points Save When determining whether to record an asset as a fixed asset, what two criteria must be met? Question 5 4.5 points Save A fixed asset's estimated value at the time it is to be retired from service is called
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Question 5 4.5 points Save Question 6 4.5 points Save A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 15,000 hours. It is to be depreciated by the units-of- production method. What is the amount of depreciation for the second full year, during which the machine was used 5,000 hours? Question 7 4.5 points Save A machine with a cost of $65,000 has an estimated
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Question 7 4.5 points Save residual value of $5,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the double declining- balance method ? Question 8 4.5 points Save The depreciation method that does not use residual value in calculating the first year's depreciation expense is Question 9 4.5 points Save If a fixed asset, such as a
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Question 9 4.5 points Save computer, were purchased on January 1st for $1,950 with an estimated life of
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Exam 4 ch 10-11 - Take Assessment: 2291 Final Exam Question...

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