An Asset Was Purchased for $120,000 on January 1,Year 1

question 87

Multiple Choice

An asset was purchased for $120,000 on January 1,Year 1 and originally estimated to have a useful life of 10 years with a residual value of $10,000.At the beginning of the third year,it was determined that the remaining useful life of the asset was only 4 years with a residual value of $2,000.Calculate the third-year depreciation expense using the revised amounts and straight-line method.

• A)$24,000
• B)$25,000
• C)$11,000
• D)$24,500

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