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

$50,000.
$180,000.
$150,000.
$130,000.
21) Brevard Corporation purchased a taxicab on January 1, 2013 for
$25,500 to use for its shuttle business. The cab is expected to have a fiveyear
useful life and no salvage value. During 2014, it retouched the cab's
paint at a cost of $1,200, replaced the transmission for $3,000 (which
extended its life by an additional 2 years), and tuned-up the motor for
$150. If Brevard Corporation uses straight-line depreciation, what annual
depreciation will Brevard report for 2014?
$4,100.
$5,100.
$4,125.
$3,900.
22) On July 1, 2014, Fleming Company sells machinery for $120,000. The
machinery originally cost $300,000, had an estimated 5-year life and an
expected salvage value of $50,000. The Accumulated Depreciation account
had a balance of $175,000 on January 1, 2014, using the straight-line
method. The gain or loss on disposal is
$20,000 gain.
$5,000 loss.
$10,000 loss.
$5,000 gain.
23) On July 1, 2014, Linden Company purchased the copyright to Norman
Computer Tutorials for $140,000. It is estimated that the copyright will