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Wilshire purchased equipment at the beginning of 20X0 for $11,000. Wilshire decided to depreciate the equipment over a 5-year period using the straight-line method. Wilshire estimated its residual value at $2,000. The estimated fair market value at the end of 20X0 was $10,000. Which of the following statements is correct concerning Wilshire's financial statements at December 31, 20X1?;a. The book value of the equipment is $7,200.;b. The book value of the equipment is $10,200.;c. The total accumulated depreciation is $3,600;d. The equipment will be reported on the balance sheet at fair market value of $10,000.


Paper#79338 | Written in 18-Jul-2015

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