ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 170

Grover Corporation purchased a truck at the beginning of 2014 for
$93,600. The truck is estimated to have a salvage value of $3,600 and
a useful life of 120,000 miles. It was driven 21,000 miles in 2014 and
29,000 miles in 2015. What is the depreciation expense for 2015?

Multiple Choice Question 70

Halltown Company purchased a depreciable asset for $450,000. The
estimated salvage value is $30,000, and the estimated useful life is 8
years. The double-declining balance method will be used for
depreciation. What is the depreciation expense for the second year on
this asset?

Multiple Choice Question 78

Robust Inc. has the following information related to an item in its
ending inventory. Product 66 has a cost of $812, a replacement cost of
$775, a net realizable value of $800, and a normal profit margin of
$50. What is the final lower-of-cost-or-market inventory value for
product 66?

Multiple Choice Question 132

Ryan Distribution Co. has determined its December 31, 2014
inventory on a FIFO basis at $490,000. Information pertaining to that
inventory follows: