Ronnie's Wings Acquired Equipment on January 1, 2019, for $300,000

question 48

Multiple Choice

Ronnie's Wings acquired equipment on January 1, 2019, for $300,000. The equipment had an estimated useful life of 10 years and an estimated salvage value of $25,000. On January 1, 2022, Ronnie's Wings revised the total useful life of the equipment to 12 years. Compute amortization expense for the year ended December 31, 2022, if Ronnie's Wings uses straight-line amortization.

• A)$21,389
• B)$24,167
• C)$18,125
• D)$16,042

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Definitions:

Incidence

The occurrence, rate, or frequency at which a new event, disease, or condition arises in a specific population over a particular period of time.

Disorders

Conditions characterized by abnormal thoughts, feelings, or behaviors that cause distress or impair function.

DSM-5

The fifth edition of the Diagnostic and Statistical Manual of Mental Disorders, a handbook used by healthcare professionals as a guide to diagnose mental disorders.

Multiaxial System

A framework used in psychology and psychiatry to assess different aspects of a patient's mental health across multiple dimensions.