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.

---

Definitions:

Globally

Pertains to actions or considerations that span across the entire scope or extent of something, often used in the context of programming to refer to variables or functions that are accessible from any part of a program.

Locally

Refers to defining or executing something within a limited scope, such as within a function, affecting visibility and accessibility.

Homogeneous Data Structure

A data structure that contains elements of the same data type.

Heterogeneous Data Structure

A data structure that can store elements of different types.