Emir company purchased equipment that cost $110,000 cash on january 1, year 1. the equipment had an expected useful life of six years and an estimated salvage value of $8,000. assuming that emir depreciates its assets under the straight-line method, the amount of depreciation expense appearing on the year 4 income statement and the amount of accumulated depreciation appearing on the december 31, year 4, balance sheet would be:

depreciation expense accumulated depreciation
a. $ 17,000 $ 17,000
b. $ 17,000 $ 68,000
c. $ 68,000 $ 17,000
d. $ 17,000 $ 51,000
multiple choice

option a

option b

option c

option d

A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.