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On July 1, 2011, Pinkley Company sells office furmiture for e90,000 cash. The office furniture originally cost 225,000 when purchased on January 1, 2003. Depreciation is recorded by the straight-line method over 10 years with a residual value of €22500. What depreciation expense should be recorded on this asset in 2011? Select one O a €6,750 Ob. C7500 O C E10,125 Od. 20,250

On July 1, 2011, Pinkley Company sells office furmiture for e90,000 cash. The office furniture originally cost 225,000 when purchased on January 1, 2003. Depreciation is recorded by the straight-line method over 10 years with a residual value of €22500. What depreciation expense should be recorded on this asset in 2011? Select one O a €6,750 Ob. C7500 O C E10,125 Od. 20,250

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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On July 1, 2011, Pinkley Company sells office furniture for €90,000 cash. The office furniture originally cost €225,000 when purchased on January 1, 2003. Depreciation is recorded by the straight-line method over 10 years with a residual value of e22,500. What depreciation expense should be recorded on this asset in 2011? Select one Oa €6,750 O b €7,500 O C €10,125 O d. 20,250
Transcribed Image Text:On July 1, 2011, Pinkley Company sells office furniture for €90,000 cash. The office furniture originally cost €225,000 when purchased on January 1, 2003. Depreciation is recorded by the straight-line method over 10 years with a residual value of e22,500. What depreciation expense should be recorded on this asset in 2011? Select one Oa €6,750 O b €7,500 O C €10,125 O d. 20,250
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