Use the Following Information for Questions

question 85

Multiple Choice

Use the following information for questions.
On January 1, 2011, Miles Inc.purchased equipment with a cost of €3,570,000, a useful life of
15 years and no salvage value.The company uses straight-line depreciation.At December 31, 2011, an independent appraiser determines that the fair value of the equipment is €3,500,000.Miles prepares financial statements using IFRS and elects to revalue the asset.
-The 2012 (second year) income statement will report depreciation expense for the equipment of

• A)€250,000.
• B)€238,000.
• C)€233,333.
• D)cannot be determined from the information given.

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