# Question Accounting Quiz Assignment | Homework Help Websites

Question 1 (10 points)

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Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:

 PP&E Element Amount Land \$15,000 Building 25,000 Equipment 40,000

Bowie paid \$65,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)

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Question 2 (10 points)

Cambridge Company purchased a truck on January 1, 2018. Cambridge paid \$21,000 for the truck. The truck is expected to have a \$2,500 residual value and a 5-year life.  Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense? (Enter only whole dollar values.)  Hint: what is the year 2 depreciation amount?

Question 3 (10 points)

Cambridge Company purchased a truck on January 1, 2018. Cambridge paid \$22,000 for the truck. The truck is expected to have a \$3,000 residual value and a 5-year life.  Cambridge has a December 31 fiscal year end. Using the straight-line method, how much is the 2019 depreciation expense? (Enter only whole dollar values.)

Question 4 (10 points)

Somerset Company acquired a piece of equipment with a list price of \$200,000 for \$150,000.  Freight to Somerset’s location was \$10,000.  Installation and testing costs were \$5,500.  An old piece of equipment was scrapped as a result of this new purchase.  The old piece of equipment had an undepreciated value (net book value) of \$8,000.  The new piece of equipment is expected to have a 10 year life and a salvage value of \$15,000.  What is the total value assigned to the new piece of equipment? Get accounting homework help today.

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