Questions 7 Through 10 Are Based on the Following Information

question 78

Multiple Choice

Questions 7 through 10 are based on the following information:
Tongas Company applies revaluation accounting to plant assets with a carrying value of $1,600,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $1,500,000.
-The journal entry to record depreciation for year one will include a

• A) debit to Accumulated Depreciation for $400,000.
• B) debit to Depreciation Expense for $100,000.
• C) credit to Accumulated Depreciation for $100,000.
• D) debit to Depreciation Expense for $400,000.

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Definitions:

Intelligence Scores

Numerical measures of a person's cognitive abilities relative to others, often derived from standardized tests.

Working Memory

Describes the brain's ability to store and manipulate information over short periods, crucial for decision-making and behavior.

Rehearsal

A mnemonic strategy that involves systematically repeating information to retain it in working memory.

Impoverished Children's IQ

The phenomenon suggesting that children raised in poverty may, on average, score lower on intelligence quotient (IQ) tests, potentially due to environmental factors and lack of access to resources.