29 Jun Question 1. Wesley Hospital installs a n
Question
1. Wesley Hospital installs a new parking lot. The paving cost $30,000 and the lights to illuminate the new parking area cost $15,000. Which of the following statements is true with respect to these additions?
$45,000 should be debited to Land Improvements.
$30,000 should be debited to the Land account.
$45,000 should be debited to the Land account.
$15,000 should be debited to Land Improvements.
2. Equipment was purchased for $75,000. Freight charges amounted to $3,500 and there was a cost of $10,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $15,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be
$17,700.
$12,300.
$14,700.
$12,000.
3. On May 1, 2010, Pinkley Company sells office furniture for $90,000 cash. The office furniture originally cost $225,000 when purchased on January 1, 2003. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $22,500. What gain should be recognized on the sale?
$6,750.
$27,000.
$13,500.
$14,250.
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