Mitchell Corporation Bought Equipment on January 1, 2022

question 50

Multiple Choice

Mitchell Corporation bought equipment on January 1, 2022.The equipment cost $300,000 and had an expected salvage value of $50,000.The life of the equipment was estimated to be 6 years.The book value of the equipment at the beginning of the third year would be

• A)$300,000.
• B)$250,000.
• C)$216,666.
• D)$83,333.

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Definitions:

Blind Spot

An area in the visual field that lacks photoreceptor cells, where the optic nerve exits the eye, leading to a lack of visual detection in that spot.

Retina

A light-sensitive layer of cells found at the back of the eye's inner surface, responsible for converting light into neural signals that are sent to the brain, enabling vision.

Rapidly Evolve

The process by which species undergo significant genetic changes in a relatively short period of time, often in response to environmental changes or pressures.

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The process by which biological systems, often notably the liver in humans, modify and remove the toxic effects of drugs and other harmful substances.