Multiple Choice
Gulf Consulting Co.reported the following on its December 31,2016,balance sheet:
Equipment (at cost) …..$700,000
In a disclosure note,Gulf indicates that it uses straight-line depreciation over five years and estimates salvage value as 10% of cost.Gulf's equipment averages 3.5 years at December 31,2016.What is the book value of Gulf's equipment at December 31,2016?
A) $490,000.
B) $441,000.
C) $259,000.
D) $210,000.
Correct Answer:
Verified
Correct Answer:
Verified
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