Seneca Valley Owns a Machine That It Purchased on Jan

question 50

Multiple Choice

Seneca Valley 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 double-declining balance method.The machine was sold on December 31,2018 for $140,000.What is the depreciation rate for 2016?

• A)10%
• B)20%
• C)40%
• D)Any of the above can be used.

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Definitions:

Oculus

Latin, “eye.” The round central opening of a dome. Also, a small round window in a Gothic cathedral.

Jewelry Casket

A small decorative box or chest designed to hold jewelry or precious items, often elaborately adorned.

Reliquary

A container for holding relics.

Colored Glass

Glass that has been tinted or colored through the addition of metallic salts during its manufacture, often used in decorative applications.