Proctor Paper Products Purchased a Machine on January 1, 2017

question 51

Multiple Choice

Proctor Paper Products purchased a machine on January 1, 2017 at a cost of $380,000 with an estimated residual value of $30,000 at the end of its estimated useful life of 8 years. On January 1, 2013 Proctor Paper estimates that the machine only has a remaining life of 5 years and a residual value of $20,000. Proctor Paper uses straight-line depreciation. Depreciation expense for 2019 would be

• A) $48,500.
• B) $54,500.
• C) $57,000.
• D) $72,000.

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Definitions:

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