estimated 5-year useful life. If the company uses the double-decliningbalance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be
$ 84,000. $ 140,000. $ 126,000. $ 60,480. 7- Multiple Choice Question 175
On a balance sheet, natural resources may be described more specifically as all of the following except
oil reserves. timberlands. land improvements. mineral deposits. 8- Multiple Choice Question 98
On January 1, 2013, Donahue Company, a calendar-year company, issued $ 500,000 of notes payable, of which $ 125,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2013, is
Current Liabilities, $ 125,000; Long-term Debt, $ 375,000. Current Liabilities, $ 375,000; Long-term Debt, $ 125,000. Current Liabilities, $ 500,000. Long-term Debt, $ 500,000.