On January 3,2010,John Acquired and Placed into Service Business Tools

question 26

Multiple Choice

On January 3,2010,John acquired and placed into service business tools costing $10,000.The tools have a 3-year class life.No other assets were purchased during that year.The depreciation in 2013 for those tools is (Sec.179 and bonus depreciation were not applied)

• A)$-0-.
• B)$741.
• C)$1,920.
• D)$3,333.

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Definitions:

Express

Refers to a service or method that is designed to be faster or more efficient than standard options.

CPI

The Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, used as an indicator of inflation.

Salary

Regular payment made by an employer to an employee, especially a professional or white-collar worker.

Exchange Rate

The value of one currency for the purpose of conversion to another, determining how much of one currency can be exchanged for another.