g Machinery was purchased for $400000 on January 1, 2022. Freight charges amounted to $14000 and there was a cost of $36000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $50000 salvage value at the end of its 4-year useful life. What is the amount of accumulated depreciation at December 31, 2023 if the straight-line method of depreciation is used

Accumulated depreciation at December 2023  =  $200000

Explanation:

The cost of a fixed asset should be reported as the cost of buying the asset plus any cost incurred in bringing the asset in the location and condition necessary for its use as deemed by the management. Thus, the cost of machinery as reported will be,

Machinery Cost = 400000 + 14000 + 36000  =  $450000

The straight line method charges a constant depreciation expense through out the useful life of the asset. The formula for depreciation under this method is,

Depreciation expense per year = (Cost - Salvage value) / Estimated useful life

Depreciation expense - 2022 = (450000 - 50000) / 4

Depreciation expense - 2022 = $100000

Depreciation expense - 2023 = (450000 - 50000) / 4

Depreciation expense - 2023 = $100000

Accumulated depreciation at December 2023 = 100000 + 100000  =  $200000

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number