Seall-Test Ltd

question 123

Multiple Choice

Seall-Test Ltd.owns a machine that it purchased on Jan 1,2016 for $600,000.The machine had an estimated useful life of 10 years and an estimated residual value of $100,000.The company uses the declining balance method with a rate of 20%.The machine was sold on December 31,2018 for $140,000.What was the depreciation expense for 2017?

• A)$50,000
• B)$60,000
• C)$96,000
• D)$120,000

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Definitions:

Fourteenth Amendment

An amendment to the U.S. Constitution, adopted in 1868, that grants citizenship to all persons born or naturalized in the United States, including former slaves, and guarantees all citizens equal protection of the laws.

Pre-Civil War

Pre-Civil War refers to the period in United States history before the start of the American Civil War in 1861, characterized by growing tensions over issues like slavery and states' rights.

Civil Rights Act of 1964

The Civil Rights Act of 1964 is a landmark piece of federal legislation in the United States that prohibited discrimination on the basis of race, color, religion, sex, or national origin, particularly in voting, employment, and public accommodations.

Voting Rights Act of 1965

A landmark piece of federal legislation in the United States that aimed to eliminate racial discrimination in voting.