An asset was purchased for $54,000 and originally estimated to have a useful life of 10 years with a residual value of $4,900. After two years of straight-line depreciation, it was determined that the remaining useful life of the asset was only 2 years with a residual value of $1,960. a) Determine the amount of the annual depreciation for the first two years. $ b) Determine the book value at the end of Year 2. $ c) Determine the depreciation expense for each of the remaining years after revision. $
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “An asset was purchased for $54,000 and originally estimated to have a useful life of 10 years with a residual value of $4,900. After two ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Juan wants to deposit $700 into savings accounts at three different banks: bank of chance, merchant bank, and utopian financing. he will deposit four times as much into merchant bank as bank of chance because they offer a higher interest rate.
Answers (1)
Allen and Lewis are friends who each recently purchased real estate. Allen purchased a patio home in a small town an hour from the city, while Lewis purchased a condo in a really hot area near the city center.
Answers (1)
A. Stockbrokers execute trades on the floor of the New York Stock Exchange on behalf of account executives. B. Stockbrokers are regulated by financial consultants. C. Stockbrokers must be licensed by the Securities and Exchange Commission. D.
Answers (1)
If the real wage rises: A. the marginal cost of labor falls. B. firms will hire additional labor. C. the marginal benefit of the worker increases. D. firms will hire less labor.
Answers (2)
Which is a reason a person might decide not to purchase insurance? a. to have protection in case something goes wrong. b. to avoid paying costly premiums on a monthly basis. c. to be prepared for potential major changes. d.
Answers (1)
New Questions in Business
Jack and Jill have a tenancy in common in an apartment building. After ten years of ownership, Jill dies unexpectedly. On Jill's death, Jill's interest in the property will: a. pass to Jack as tenant in common. b. pass to Jill's heirs. c.
Answers (1)
If the u. s. government increases the deficit and federal debt, what happens to the value of the u. s. dollar?
Answers (1)
Why are imports considered as a leakage factor? A. Imports do not generate domestic income. B. Domestic industry loses ground as imports increase. C. Imports are taxed heavily, which is a secondary leakage factor. D.
Answers (1)
The primary way to determine whether an idea constitutes "common knowledge" is: whether there is an expectation that the readers and the author would be very familiar with the material. whether the material appears in an encyclopedia.
Answers (1)
Dave has arranged a catered lunch for his team members to celebrate the completion of their work so they can see one another for a final time before being assigned to new teams. Dave's team is now in which stage of team development?
Answers (1)