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On January 3, 2013, ZB Corporation acquired equipment for $180,000.
The estimated life of the equipment is 5 years. The estimated residual
value is $30,000. What is the book value of the asset on December 31,
2014, if ZB Corporation uses the straight-line method of depreciation?
(Points : 6)
$150,000
$130,000
$120,000
$90,000
Question 6.6. (TCO 8) When computing depreciation for a plant asset, which of the following must be estimated? (Points : 6)
Useful life and residual value
Residual value and current market value
Useful life and current market value
Useful life, current market value, and residual value
Question 7.7. (TCO 9) Short-term notes payable (Points : 6)
are shown on the balance sheet with current liabilities.
are shown on the balance sheet after bonds payable.
are shown as a reduction to notes receivable on the balance sheet, with an appropriate footnote disclosure.
are generally due within 3 months, with a maximum time period of 6 months.
