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 five-year 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 tunedup the motor for $ 150 . If Brevard Corporation uses straight-line depreciation , what annual depreciation will Brevard report for 2014 ? Multiple Choice Question 164 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 Multiple Choice Question 180 On July 1 , 2014 , Linden Company purchased the copyright to Norman Computer Tutorials for $ 140,000 . It is estimated that the copyright will have a useful life of 5 years . The amount of Amortization Expense recognized for the year 2014 would be Multiple Choice Question 120 The following totals for the month of April were taken from the payroll records of Metz Company . Salaries $ 30,000 FICA taxes withheld 2,295 Income taxes withheld 6,600 Medical insurance deductions 1,200 Federal unemployment taxes 240 State unemployment taxes 1,500
The entry to record accrual of employer ’ s payroll taxes would include a Multiple Choice Question 242 Thayer Company purchased a building on January 2 by signing a long-term $ 2,520,000 mortgage with monthly payments of $ 23,100 . The mortgage carries an interest rate of 10 percent . The amount owed on the mortgage after the first payment will be Multiple Choice Question 96 The following data is available for BOX Corporation at December 31 , 2014 :