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The annual financial statements for a company provided the following footnote related to property, plant, and equipment. Dec. 31, 20X2 Dec. 31, 20X1 Buildings $284,240 $298,320 Construction in progress Land Equipment 104,770 94,300 286,050 261,160 106,490 134,340 781,550 788,120 Less: Accumulated depreciation 169,060 159,210 $612,490 628,910 Depreciation expense $29,490 $27,140 Assume zero salvage value for all assets. What is the average useful life of the company's depreciable assets at the end of year 20X2? 26.61 years 23.95 years 13.96 years 13.25 years 12.56 years

The annual financial statements for a company provided the following footnote related to property, plant, and equipment. Dec. 31, 20X2 Dec. 31, 20X1 Buildings $284,240 $298,320 Construction in progress Land Equipment 104,770 94,300 286,050 261,160 106,490 134,340 781,550 788,120 Less: Accumulated depreciation 169,060 159,210 $612,490 628,910 Depreciation expense $29,490 $27,140 Assume zero salvage value for all assets. What is the average useful life of the company's depreciable assets at the end of year 20X2? 26.61 years 23.95 years 13.96 years 13.25 years 12.56 years

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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The annual financial statements for a company provided the following footnote related to property, plant, and equipment. Dec. 31, 20X2 Dec. 31, 20X1 Buildings $284,240 $298,320 Construction in progress Land Equipment 104,770 94,300 286,050 261,160 106,490 134,340 781,550 788,120 Less: Accumulated depreciation 169,060 159,210 $612,490 628,910 Depreciation expense $29,490 $27,140 Assume zero salvage value for all assets. What is the average useful life of the company's depreciable assets at the end of year 20X2? 26.61 years 23.95 years 13.96 years 13.25 years 12.56 years
Transcribed Image Text:The annual financial statements for a company provided the following footnote related to property, plant, and equipment. Dec. 31, 20X2 Dec. 31, 20X1 Buildings $284,240 $298,320 Construction in progress Land Equipment 104,770 94,300 286,050 261,160 106,490 134,340 781,550 788,120 Less: Accumulated depreciation 169,060 159,210 $612,490 628,910 Depreciation expense $29,490 $27,140 Assume zero salvage value for all assets. What is the average useful life of the company's depreciable assets at the end of year 20X2? 26.61 years 23.95 years 13.96 years 13.25 years 12.56 years
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