An Asset That Originally Cost $6,000 Is Being Depreciated on the Straight-Line

question 71

Multiple Choice

An asset that originally cost $6,000 is being depreciated on the straight-line basis over an estimated useful life of 5 years.The estimated residual value was $1,500.Near the end of year 3, it was decided that better estimates would have been a total life of 6 years and a residual value of $800.Depreciation expense for year 3 would be:

• A)$900
• B)$825
• C)$750
• D)$850

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, illustrating a five-tier model of human needs, from basic (physiological) to higher (self-actualization).

Personal Growth

involves the pursuit of learning, development, and improvement of one's skills, knowledge, and overall character.

Collaboration

Working together in pursuit of a common cause; cooperation in a joint effort.

Underlying Differences

Fundamental or basic distinctions that are not immediately obvious but form the basis of variance between entities or issues.