False (T / F) If an asset's sales price is greater than book value, the company shows a gain. If sales price is less than book value, the company shows a loss. If sales price equals book value, no gain or loss results.
Practice Quiz Week 5Candy Co. purchased a machine on January 1, 2011, for $300,000. At the time of purchase, the machine was estimated to have a life of 8 years and a residual value of $10,000. In 2015, The company determined that the machine had a total useful life of 10 years (another 6 years left) anda residual value of $20,000. If the company uses the straight-line method of depreciation, what will be the depreciation expense for the machine in 2015?Select one:a. $25,833 b. $36,250 c. $46,667 d. $22,500
TWW Company owns a machine that was bought on January 1, 2011, for $376,000. The machine was estimated to have a useful life of five years and a salvage value of $24,000. Stiller uses the sum-of-the-years'-digits method of depreciation. How much depreciation expense should the company claim for year 2013?