Consider an Asset for Which the Following Information Is Available

question 56

Multiple Choice

Consider an asset for which the following information is available: Carrying value at Dec 31, 2020 before depreciation 59,000
Calculated depreciation for2020................................$2,400
Original cost...............................................................$24,000
Reridual value............................................................$8,500
Remaining useful life..................................................3 years The depreciation expense for 2020 is

• A) $3,100.
• B) $3,000.
• C) $2,400.
• D) $500.

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Definitions:

Complementary Traits

Personality characteristics that enhance or bring out the best qualities in another person.

Introverted

Characterized by a preference for focusing on internal thoughts and feelings rather than seeking external stimulation.

Extroverted

A personality trait characterized by outgoingness, sociability, and a preference for external stimulation over solitary activities.

Proximity

The physical or psychological closeness between people, objects, or ideas, influencing their interaction and relationships.