Multiple Choice
On October 1, 2014, Holt Company places a new asset into service. The cost of the asset is $120,000 with an estimated 5-year life and $30,000 residual value at the end of its useful life. What is the depreciation expense for 2014 if Holt Company uses the straight-line method of depreciation?
A) $4,500
B) $24,000
C) $6,000
D) $12,000
Correct Answer:
Verified
Correct Answer:
Verified
Q98: The Accumulated Depreciation account represents a cash
Q107: An asset that cannot be sold individually
Q150: Kemp Company purchased factory equipment with an
Q151: A company purchased a patent on January
Q152: A factory machine was purchased for $150,000
Q153: Miley Enterprises sold equipment on January 1,
Q155: Natural resources include standing timber and resources
Q156: A computer company has ¥2,000,000 in research
Q159: Depreciation is the process of allocating the
Q230: A loss on disposal of a plant