The following information is available on a depreciable asset: Purchase date: January 1, Year 1 Purchase price: $85,000 Salvage value: $10,000 Useful life: 10 years Deprecation method: straight line The asset's book life is $70,000 on January 1, Year 3. On that date, management determines that the asset's salvage value should be $5,000 rather than the original estimate of $10,000. Based on this information the amount of depreciation expense the company should recognize during year 3 would be: a. $7,000 b. $7,500 c. $8,125 d. $6,500 e. $8,750

The following information is available on a depreciable asset: Purchase date: January 1, Year 1 Purchase price: $85,000 Salvage value: $10,000 Useful life: 10 years Deprecation method: straight line The asset's book life is $70,000 on January 1, Year 3. On that date, management determines that the asset's salvage value should be $5,000 rather than the original estimate of $10,000. Based on this information the amount of depreciation expense the company should recognize during year 3 would be: a. $7,000 b. $7,500 c. $8,125 d. $6,500 e. $8,750

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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