COCOLOS Industries uses the straight-line depreciation method. One asset had been purchased for $6,000. Annual depreciation expense was $600.00 after considering residual value of $1,000. What was the approximate life of the asset? a. 5.0 years b. 8.3 years c. 9.5 years d. 10.2 years

COCOLOS Industries uses the straight-line depreciation method. One asset had been purchased for $6,000. Annual depreciation expense was $600.00 after considering residual value of $1,000. What was the approximate life of the asset? a. 5.0 years b. 8.3 years c. 9.5 years d. 10.2 years

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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