ACCOUNTING 113 ONLY 1 HOUR TO ANSWER THESE 5 QUESTIONS

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ACCOUNTING 113 ONLY 1 HOUR TO ANSWER THESE 5 QUESTIONS 1 answer below » Use the following information to answer questions 1-5. A pressurized spray painter was purchased on April 1 of the fiscal year for \$3,900. It has a useful life of 4 years, and a residual value of \$300. 1. Determine depreciation expense for year one using the straight-line method. (Points : 3) \$300 \$3900 \$600 \$675 2. Determine depreciation expense for year one using the double-declining-balance method. (Points : 3) \$3900.00 \$1462.50 \$2437.50 \$1500.00 3. Determine View complete question » Use the following information to answer questions 1-5. A pressurized spray painter was purchased on April 1 of the fiscal year for \$3,900. It has a useful life of 4 years, and a residual value of \$300. 1. Determine depreciation expense for year one using the straight-line method. (Points : 3) \$300 \$3900 \$600 \$675 2. Determine depreciation expense for year one using the double-declining-balance method. (Points : 3) \$3900.00 \$1462.50 \$2437.50 \$1500.00 3. Determine depreciation expense for two using the straight-line method. (Points : 3) \$300 \$3900 \$600 \$900 4. Determine depreciation expense for year two using the double-declining-balance method. (Points : 3) \$1218.75 \$3900 \$2437.50 \$1500.00 5. If the equipment is sold at the end of year one for \$3225, what will be the gain or loss on the sale, assuming that the company used the straight line method of depreciation. (Points : 3) \$1000 \$100 \$2225 \$0 View less » Dec 10 2013 12:24 PM