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:

Nasal Cavity

The large air space behind the nose, involved in breathing and smelling, lined with a mucous membrane.

Cleft Palate

A congenital defect resulting in a split in the roof of the mouth due to incomplete fusion during pregnancy.

Palatine Processes

These are horizontal extensions of the maxillary bones that form the anterior three-quarters of the hard palate.

Maxilla

The paired upper jawbones that form the foundations of the middle face, supporting the upper teeth and playing key roles in breathing, eating, and speaking.