Multiple Choice
The cost of an asset is $1,090,000,and its residual value is $300,000.Estimated useful life of the asset is eight years.Calculate depreciation for the first year using the double-declining-balance method of depreciation.(Do not round any intermediate calculations,and round your final answer to the nearest dollar.)
A) $197,500
B) $272,500
C) $136,250
D) $98,750
Correct Answer:
Verified
Correct Answer:
Verified
Q179: Businesses record goodwill _.<br>A) when they enjoy
Q180: When a business uses the straight-line method
Q181: Depletion expense should not be recorded for
Q182: Dew Drops Company purchased equipment for $200,000.The
Q183: The double-declining-balance method ignores the residual value
Q185: On January 1,2018,McHenry Manufacturing Company purchased a
Q186: When constructing a building for plant operations,payments
Q187: On January 1,2019,a company acquired a truck
Q188: A truck costs $316,000 and is expected
Q189: U.S.Generally Accepted Accounting Principles permits the presentation