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.

---

Definitions:

Urban Development

The planning and building of cities, including infrastructure and residential areas, to accommodate population growth and improve living conditions.

Environmental Protection Agency

The Environmental Protection Agency (EPA) is an agency of the U.S. federal government tasked with protecting human health and the environment by writing and enforcing regulations based on laws passed by Congress.

Medicare

A federal health insurance program in the United States for people who are 65 or older, as well as for some younger people with disabilities or specific diseases.

Young Americans For Freedom

A conservative youth organization in the United States, founded in 1960 to advocate for free market economics, limited government, and national defense.