Based on This Information and Rounding All Intermediate Calculations to the Nearest

question 12

Multiple Choice

Based on this information and rounding all intermediate calculations to the nearest dollar, what amount of depreciation expense would Elizabeth record on December 31,2013?

• A)£17,280
• B)£14,400
• C)£9,378
• D)£11,178

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Definitions:

Promissory Note

A financial paper embodying a vow by one individual or entity to transfer a stated sum of money to another, either on demand or on a specified forthcoming date.

Simple Interest

Interest calculated on the principal amount of a loan or investment, without compounding over time.

Yield

The income return on an investment, typically expressed as an annual percentage rate based on the investment’s cost, its current market value, or its face value.

Promissory Note

A financial instrument that contains a written promise by one party to pay another a definite sum of money either on demand or at a specified future date.