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On January 2, 2012 McNally's Extra Corporation acquired equipment for $120,000. The estimated life ...

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On January 2, 2012 McNally's Extra Corporation acquired equipment for $120,000. The estimated life ...

On January 2, 2012 McNally's Extra Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000. If McNally's Extra Corporation uses the straight-line method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2013, during which period the asset was used 4,500 hours?
A) $20,000
B) $22,500
C) $24,000
D) $27,000

Textbook

Financial Accounting, Canadian Edition

Edition: 5^th

Authors: Harrison, Horngren, Thomas, Berberich, Seguin

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