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Schager Company purchased a computer system on January 1, 2016, at a cash cost of $33,000

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Schager Company purchased a computer system on January 1, 2016, at a cash cost of $33,000. The estimated useful life is 20 years, and the estimated residual value is $3,800. The company will use the double declining- balance depreciation method. What is the accumulated depreciation balance as of December 31, 2017? $6,270. 0 $5.928 O $21970. O $3,300
Smith Company exchanges assets to acquire a building. The market price of the Smith stock on the exchange date was $35 per share and the building's book value on the books of the seller was $250,000. Which of the following journal entries is correct for Smith Company when Smith issues 11,900 shares of $10 par value common stock and pays $21,900 cash in exchange for the building? The market price of the Smith stock on the exchange date was $20 per share and the building's book value on the books of the seller was $219,000. 259,900 Building Cash Common stock 21,900 238,000 259,900 Building Common stock 259,900 140.900 Building Cash Common stock 21,900 119,000 Building 259,900 Cash Common stock 21,900 119,000 119.000 Additional paid-in capital
On January 1, 2016. Woodstock, Inc. purchased a machine costing $42,400. Woodstock also paid $2,200 for transportation and installation. The expected useful life of the machine is 6 years and the residual value is $6,200. If Woodstock uses the straight-line depreciation method, which of the following statements is incorrect? The December 31, 2017 book value was $25.600. The annual depreciation expense is $6.400. The December 31, 2018 accumulated depreciation balance was $19,200. The December 31, 2016 book value was $38,200.