Iverycoast Inc

question 52

Multiple Choice

Iverycoast Inc. purchased a van on January 1, 2015, for $800,000. Estimated life of the van was 5 years, and its estimated residual value was $90,000. Iverycoast uses the straight-line method of depreciation. At the beginning of 2017, the company revised the total estimated life of the asset from 5 years to 6 years. The estimated residual value remained the same as estimated earlier. Calculate the depreciation expense for the year 2017.

• A)$142,000
• B)$145,000
• C)$106,500
• D)$110,000

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Definitions:

Timbre

The quality of a musical note, sound, or tone that distinguishes different types of sound production, such as voices or musical instruments.

Purity

The condition of being free from contaminants or pollutants; often used metaphorically to signify moral or ethical cleanliness.

Amplitude

The height or strength of a wave signal, often used in reference to sound or electromagnetic waves.

Panache

Distinctive and flamboyant flair or style.