ets unting d. The fixed asset account involved Use the following information for

Question

ets unting d. The fixed asset account involved Use the following information for Multiple Choice Questions 7-4, 7 5 and 7-6 Cox Inc. acquired a machine for $800,000 on January 1, 2019. The machine has a salvage value of $20,000 and a 5- year useful life. Cox expects the machine to run for 15,000 machine hours. The machine was actually used for 4.200 hours in 2019 and 3,450 hours in 2020 7-4. Refer to the information for Cox Inc. above. What would be the balance in the accumulated depreciation account at December 31, 2020, if the straight line method were used? a. $156,000 b. $160,000 c. $312,000 d. $328,000 8 5 6 7 8 9

Explanation / Answer

Balance in the Accumulated Depreciation on Dec 31,2020 = (800000-20000)/5*2= $312000 Option C is correct

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