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Question(s) / Instruction(s):

           Exhibit 1

On January 1, 2010, Hills purchased equipment for $200,000. The equipment had an estimated useful life of ten years and an estimated residual value of $40,000. Use the double-declining-balance method to answer the following question(s).

           

 

Re                  Refer to Exhibit 1. How much depreciation should Hills record on the asset in 2010?

Answer

 

$20,000

 

$25,600

 

$32,000

 

$40,000

6 points  

Question 11

  1.  

             Refer to Exhibit 1. How much depreciation should Hills record on the asset in 2011?

Answer

 

$16,000

 

$20,000

 

$32,000

 

$40,000

6 points  

Question 12

  1.  

R                  Refer to Exhibit 11-1. What is the net book value of this asset that Hills should report on the company's balance sheet at December 31, 2011?

Answer

 

$142,600

 

$128,000

 

$120,000

 

$102,400

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