Answer Happy

Grey Company purchased a new van for floral deliveries on April 1, 2019. The van cost $18,000 with an estimated life of 6 years and $6,000 residual value at the end of its useful life. The double-declining-balance method of depreciation will be used and December 31 is fiscal year end. What is the balance of the Accumulated Depreciation account at December 31 2019? $10,500 $14,000 $16,000 $12,000
On July 1, 2020, Alfa Limited borrowed $2,000,000 from a bank for a 10-year period at a 9% interest rate: The firm must make a fixed monthly loan payment of $25,335. Which of the followings is correct when recording monthly loan payment for account Bank Loan Payable on July 31, 20202 Debit Bank Loan Payable $25,335 Debit Bank Loan Payable $15,000 Debit Bank Loan Payable $10,335 Debit Bank Loan Payable $15,335
Markel Inc. has acquired a parcel of land and a building for a total cost of $900,000 paid with cash. An independent appraisal supports the fair value of land and building at $380,000 and $570,000 respectively. What is the acquisition cost of land that Markel Inc. should record? $370,000 $350,000 $360,000 $340,000