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1) A company purchased a machine on January 1 of the current year for $750,000.
Calculate the annual depreciation expense for each year of the machine's life (estimated
at 5 years or 20,000 hours, with a salvage value of $75,000). During the machine's
5-year life its hourly usage was: 3,000; 4,000; 5,000; 5,000; and 3,000 hours.
2) Policies and procedures used by management to monitor and control business
activities are known as _________________________.
3) Using __________________ ledgers removes unnecessary details from the general
ledger.
4) What is the primary purpose for using a responsibility accounting system?
5) Explain the amortization of a bond discount. Identify and describe the amortization
methods available.
