Multiple Choice
Able Company bought a machine on January 1,2008 for $80,000.At the time the machine was purchased it was estimated to have an 8-year useful life and a $4,000 salvage value.Able uses straight-line depreciation.During 2014,before the adjusting entry for depreciation was made,Able revised the estimated useful life of the machine to a total of ten years,with an estimated salvage value of $0.How much depreciation expense should the company report for the year ended December 31,2014?
A) $5,000
B) $5,750
C) $4,400
D) $9,500
Correct Answer:
Verified
Correct Answer:
Verified
Q143: Depletion is the _.<br>A)allocation of a natural
Q144: Which statement best describes the proper accounting
Q145: A machine was purchased for $100,000 in
Q146: Which statement about accelerated depreciation methods is
Q147: Residual (salvage)value means the _.<br>A)value an asset
Q149: A machine was purchased for $100,000 in
Q150: On January 1,2011,Ace Electronics paid $400,000 cash
Q151: A major function of an internal control
Q152: Intangible assets are amortized over their useful
Q153: On January 1,2011,Crunch Company paid $100,000 for