ACC 291 Final Exam - ACC 291 Final Exam University of Phoenix | UOP E Tutors

$5,500,000.
$3,500,000.
$9,500,000.
5) On January 1, a machine with a useful life of five years and a residual value
of $40,000 was purchased for $120,000. What is the depreciation expense
for year 2 under the double-declining-balance method of depreciation?
$38,400.
$48,000.
$23,040.
$28,800.
6) As a recent graduate of State University you're aware that IFRS requires
component depreciation for plant assets. A friend has asked you to
succinctly explain what component depreciation means. Which of the
following correctly describes component depreciation?
The method that requires that significant parts of a plant asset with
different useful lives be depreciated separately.
The method used to ensure that the depreciation rate remains constant
from year to year.
The method used to prorate annual depreciation on a time basis.
The method of depreciation recommended for an asset that is expected to
be significantly more productive in the first half of its useful life.
7) Bonds with a face value of $300,000 and a quoted price of 97¼ have a
selling price of
$292,500.