On June 30,2016,Colora Printers Purchased a Printer for $59,000

question 57

Multiple Choice

On June 30,2016,Colora Printers purchased a printer for $59,000.It expects the printer to last for four years and have a residual value of $8,000.Compute the depreciation expense on the printer for the year ended December 31,2016,using the straight-line method.(Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar. )

• A)$12,750
• B)$6,375
• C)$14,750
• D)$7,438

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Definitions:

Received

A term denoting that something has been accepted or collected, often used in financial transactions or in the acknowledgment of messages or goods.

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditures to the appropriate period.

Fiscal Period

A specific time period used for accounting purposes and financial reporting, typically a year, broken into quarters or months.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear, deterioration, or obsolescence.