ramble Corp. purchased a depreciable asset for $698000 on April 1, 2018. The estimated salvage value is $68000, and the estimated useful life is 5 years. The straight-line method is used for epreciation. What is the balance in accumulated depreciation on May 1, 2021 when the asset is sold?
ramble Corp. purchased a depreciable asset for $698000 on April 1, 2018. The estimated salvage value is $68000, and the estimated useful life is 5 years. The straight-line method is used for epreciation. What is the balance in accumulated depreciation on May 1, 2021 when the asset is sold?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Testbank Multiple Choice Question 86
Bramble Corp. purchased a depreciable asset for $698000 on April 1, 2018. The estimated salvage value is $68000, and the estimated useful life is 5 years. The straight-line method is used for
depreciation. What is the balance in accumulated depreciation on May 1, 2021 when the asset is sold?
O $252000
O $294000
O $346500
O $388500
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