property costing £ 750,000. The useful lives of the land improvements and the personal property are 10 years and 5 years, respectively. Salem Company uses component depreciation, and the company uses straight-line depreciation for other similar assets. What is the net amount reported for the building on Salem Company’ s December 31, 2013 statement of financial position?
£ 7,573,750 £ 6,483,750 £ 7,800,000 £ 7,665,000 5- Multiple Choice Question 77
Yocum Company purchased equipment on January 1 at a list price of $ 100,000, with credit terms 2 / 10, n / 30. Payment was made within the discount period and Yocum was given a $ 2,000 cash discount. Yocum paid $ 5,000 sales tax on the equipment, and paid installation charges of $ 1,760. Prior to installation, Yocum paid $ 4,000 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment?
$ 104,760 $ 108,760 $ 110,760 $ 101,000 6- Multiple Choice Question 98
A company purchased factory equipment for $ 350,000. It is estimated that the equipment will have a $ 35,000 salvage value at the end of its