Multiple Choice
Equipment was purchased for $85,000 on January 1, 2015. Freight charges amounted to $3,500 and there was a cost of $10,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $15,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2016, if the straight-line method of depreciation is used?
A) $33,400
B) $16,700
C) $14,300
D) $28,600
Correct Answer:
Verified
Correct Answer:
Verified
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