1. What does the cost of land include?
2. What is Depreciation?
3. On January 1, 2013, Hilton Company purchased equipment for $300,000, and
installation and testing costs totaled ,000. The equipment has an estimated
4. In Question 3, if the equipment were purchased on July 1, 2013 and Hilton used double declining balance method, what would be the depreciation expense for 2013?
5. If a company sells equipment costing $50,000 with accumulated depreciation of $15,000 for $40,000, what is the gain realized?
6. Write the journal entry to record the sale in Question 5.
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