Multiple Choice
What is the depreciation, for the year of acquisition and for the following year of a fixed asset acquired on October 1 for $500,000, with an estimated life of 5 years, and residual value of $50,000, using the straight-line method. Assume a fiscal year ending December 31.
A) Yr. of acquisition: $50,000; following year: $90,000
B) Yr. of acquisition: $22,500; following year: $90,000
C) Yr. of acquisition: $90,000; following year: $90,000
D) Yr. of acquisition: $22,500; following year: $180,000
Correct Answer:
Verified
Correct Answer:
Verified
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