A Depreciable Asset Currently Has a $40,100 Book Value

question 202

Multiple Choice

A depreciable asset currently has a $40,100 book value.The company owning the asset uses straight-line depreciation.They paid $70,000 for this asset and consider it to have a $1,000 salvage value with a 12-year useful life.How long has the company owned this asset?

• A)5.2 years
• B)7 years
• C)10.2 years
• D)12 years
• E)Cannot be determined from the given information.

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Definitions:

Sedimentary Rocks

Rocks formed by the accumulation or deposition of mineral or organic particles at the Earth's surface, followed by compaction and cementation.

Conglomerate

A coarse-grained clastic sedimentary rock composed of rounded to sub-rounded clasts (pebbles, cobbles, and boulders) in a fine-grained matrix of sand and mud.

Breccia

A rock composed of large, angular fragments; typically formed in sedimentary environments, but can be formed by volcanic, hydrothermal, or tectonic processes.

Sandstone

A sedimentary rock formed by the consolidation and compaction of sand and held together by a natural cement, such as silica.