The Estimated Life of a Building That Has Been Depreciated

question 33

Multiple Choice

The estimated life of a building that has been depreciated for 30 years of an originally estimated life of 50 years has been revised to a remaining life of 10 years. Based on this information, the accountant should

• A) continue to depreciate the building over the original 50-year life.
• B) depreciate the remaining book value over the remaining life of the asset.
• C) adjust accumulated depreciation to its appropriate balance, through net income, based on a 40-year life, and then depreciate the adjusted book value as though the estimated life had always been 40 years.
• D) adjust accumulated depreciation to its appropriate balance through retained earnings, based on a 40-year life, and then depreciate the adjusted book value as though the estimated life had always been 40 years.

Understand the developmental impacts of competitive sports and training intensity in adolescents.

Identify the transition phase from late childhood to adulthood.

Explain the neuroscientific basis behind impulsive and erratic behavior during adolescence.

Discuss the influences of familial structures and dynamics on the timing of puberty.

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Definitions:

Credit Card Debt

Debt incurred by an individual that is due to the use of credit cards, often subject to high interest rates.

Discharge

The legal term for the release or elimination of a debt, obligation, or charge, often used in bankruptcy proceedings.

Student Loans

Financial loans given to students to help pay for their education expenses, often subject to repayment with interest after graduation.

Bankruptcy

A legal proceeding involving a person or business that is unable to repay their outstanding debts.