A Driver Started a Business on 1st of January 2014,hiring

question 18

Multiple Choice

A driver started a business on 1st of January 2014,hiring out his limousine for special occasions.Current regulations require the business to purchase a license that will expire after two years.The cost of the license is $12,000.Calculate the amount of license expense to be included in the income statement for the 6 months ended 30 June 2014.

• A) $6,000.
• B) $4,000.
• C) $3,000.
• D) $12,000.

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