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50. Joe's Quik Shop bought machinery for $42,000 on January 1, 2016. Joe estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2017, Joe decides that the business will use the machinery for a total of 6 years. What is the revised depreciation expense for 2017? A) $6,720 B) $3,360 C) $5,600 D) $8,400

50. Joe's Quik Shop bought machinery for $42,000 on January 1, 2016. Joe estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2017, Joe decides that the business will use the machinery for a total of 6 years. What is the revised depreciation expense for 2017? A) $6,720 B) $3,360 C) $5,600 D) $8,400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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50. Joe's Quik Shop bought machinery for $42,000 on January 1, 2016. Joe estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2017, Joe decides that the business will use the machinery for a total of 6 years. What is the revised depreciation expense for 2017? A) $6,720 B) $3,360 C) $5,600 D) $8,400
Transcribed Image Text:50. Joe's Quik Shop bought machinery for $42,000 on January 1, 2016. Joe estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2017, Joe decides that the business will use the machinery for a total of 6 years. What is the revised depreciation expense for 2017? A) $6,720 B) $3,360 C) $5,600 D) $8,400
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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