If an Asset Costs $70,000,has a Residual Value of $6,000,and

question 11

Multiple Choice

If an asset costs $70,000,has a residual value of $6,000,and has a useful life of five years,the entry to record depreciation in the second year,using the double-declining-balance method,is:

• A) Depreciation Expense - Asset 16,100
• Cash 16,100
• B) Depreciation Expense - Asset 16,800
• Accumulated Depreciation - Asset 16,800
• C) Depreciation Expense - Asset 17,500
• Accumulated Depreciation - Asset 17,500
• D) Accumulated Depreciation - Asset 18,200
• Depreciation Expense - Asset 18,200

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Definitions:

Preconscious

A part of the mind that contains thoughts, feelings, and memories that are not currently in conscious awareness but can easily be brought to consciousness.

Conscious

The state of being aware of and responsive to one's surroundings and internal thoughts and feelings.

Superego

In psychoanalytic theory, the part of the personality that acts as the moral center, enforcing ethical conduct and striving for perfection.

Temporary Pleasures

Short-lived moments of enjoyment or satisfaction that do not have long-term effects on one's happiness or well-being.