Clementine Co

question 49

Multiple Choice

Clementine Co. computes depreciation to the nearest whole month and uses the straight-line method. On May 2, 2015, the company purchased an asset for $18,000 with a four-year life and a $3,600 residual value. On October 6, Karen also sold an asset with a cost of $34,500 that had been purchased in 2015. The sold asset had been estimated to have a five-year life and no residual value when it was purchased. The depreciation expense on these two assets for 2015 totals

• A) $7,575
• B) $10,500
• C) $9,300
• D) $7,600

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Definitions:

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