Solve the Problem. -A Drill Press Cost $5,000 and Has an Estimated Life

question 22

Multiple Choice

Solve the problem.
-A drill press cost $5,000 and has an estimated life of 8 years and a scrap value of $300. Find the
Book value at the end of 6 years using the straight-line method. Round to nearest dollar.

• A)$4,413
• B)$3,525
• C)$1,250
• D)$1,475

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Definitions:

Timmons Model

A model of entrepreneurship that emphasizes the dynamic balance between opportunity, resources, and team, with an entrepreneur at the center managing these elements.

Sustainability

The practice of maintaining processes or systems, notably in environmental, economic, and social contexts, in a way that prevents the depletion of natural resources, ensuring long-term ecological balance.

Lifestyle Ventures

Businesses started primarily to fulfill the personal goals and interests of the founder rather than to achieve high financial growth.

Advantages

Benefits or favorable aspects associated with a particular choice, action, or decision.