Proctor Paper Products Purchased a Machine on January 1, 2011

question 65

Multiple Choice

Proctor Paper Products purchased a machine on January 1, 2011, at a cost of $380,000 with an estimated residual value of $30,000 at the end of its estimated useful life of 8 years.On January 1, 2013, Proctor Paper estimates that the machine only has a remaining life of 5 years and a residual value of $20,000.Proctor Paper uses straight-line amortization.Depreciation expense for 2013 would be:

• A)$48,500
• B)$54,500
• C)$57,000
• D)$72,000

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