ABC Corp. acquired the following assets on June 30, 20X1: Cost Scrap Value Useful life Tools 21,000 1,000 4 Machines 102,000 7,000 5 Furniture 15,000 0 3 What is the composite rate? (round answer to 2 decimal places, DO NOT put % sign)

ABC Corp. acquired the following assets on June 30, 20X1: Cost Scrap Value Useful life Tools 21,000 1,000 4 Machines 102,000 7,000 5 Furniture 15,000 0 3 What is the composite rate? (round answer to 2 decimal places, DO NOT put % sign)

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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Question

ABC Corp. acquired the following assets on June 30, 20X1:

Cost Scrap Value Useful life

Tools 21,000 1,000 4

Machines 102,000 7,000 5

Furniture 15,000 0 3

What is the composite rate? (round answer to 2 decimal places, DO NOT put % sign)

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