Equipment with a Cost of $220,000 Has an Estimated Residual

question 98

Multiple Choice

Equipment with a cost of $220,000 has an estimated residual value of $30,000 and an estimated life of 10 years or 19,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 2,100 hours?

• A) $19,000
• B) $21,000
• C) $22,000
• D) $30,000

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Definitions:

Self-fulfilling Prophecy

A belief or expectation that directly or indirectly causes itself to become true, due to positive feedback between belief and behavior.

Ethnocentrism

Ethnocentrism is the belief in the superiority of one's own ethnic group or culture, often accompanied by a disregard or contempt for other cultures.

Ageism

Prejudice and discrimination toward older people.

Self-esteem

Confidence and satisfaction in oneself; a reflection of how an individual values themselves.