Calculate depreciation for year 2 based on the following information: Historical cost $40,000 Useful life 5 years Salvage value $3,000 Year 1 depreciation $7,400 Multiple Choice 1. $7,000 2. $7,400 3. $8,000 4. $8,600
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On February 1, 2017, Pat Weaver Inc. (PWI) issued 9%, $ 1,300,000 bonds for $ 1,600,000. PWI retired all of these bonds on January 1, 2018, at 106. Unamortized bond premium on that date was $ 137,800.
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