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Mitchell Corporation bought equipment on January 1, 2022. The equipment cost $120,000 and had an expected salvage value of $20,000. The life of the equipment was estimated to be 6 years. Straight-line depreciation was used. The book value of Mitchell's equipment at the beginning of the third year would be: Select one: O a. $120,000 O b. $100,000 C. $86,667

Mitchell Corporation bought equipment on January 1, 2022. The equipment cost $120,000 and had an expected salvage value of $20,000. The life of the equipment was estimated to be 6 years. Straight-line depreciation was used. The book value of Mitchell's equipment at the beginning of the third year would be: Select one: O a. $120,000 O b. $100,000 C. $86,667

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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Mitchell Corporation bought equipment on January 1, 2022. The equipment cost $120,000 and had an expected salvage value of $20,000. The life of the equipment was estimated to be 6 years. Straight-line depreciation was used. The book value of Mitchell's equipment at the beginning of the third year would be: Select one: O a. $120,000 O b. $100,000 O c. $86,667 d. $33,333 O e. $66,667
Transcribed Image Text:Mitchell Corporation bought equipment on January 1, 2022. The equipment cost $120,000 and had an expected salvage value of $20,000. The life of the equipment was estimated to be 6 years. Straight-line depreciation was used. The book value of Mitchell's equipment at the beginning of the third year would be: Select one: O a. $120,000 O b. $100,000 O c. $86,667 d. $33,333 O e. $66,667
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