Seally Corp

question 85

Multiple Choice

Seally Corp. owns a machine that it purchased on Jan 1, 2019 for $600,000. The machine had an estimated useful life of 10 years and an estimated residual value of $100,000. The company uses the declining balance method with a rate of 20%. The machine was sold on December 31, 2021 for $140,000. What was the depreciation expense for 2020?

• A)$50,000
• B)$60,000
• C)$80,000
• D)$96,000

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Definitions:

Colonial Delegates

Representatives from the American colonies who participated in assemblies and congresses prior to the United States' independence.

Representation in Parliament

The system by which individuals or groups elect representatives to a legislative body, such as Parliament, to voice their interests and concerns.

Lack

The state of being without or not having enough of something; deficiency or absence.

Right to Tax

The legal authority granted to governments to collect taxes from individuals and businesses within its jurisdiction.