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

Understand the concept of demand and supply and their determinants.

Distinguish between movements along the curve and shifts of the curve for both demand and supply.

Recognize the difference between normal goods, inferior goods, substitutes, and complements.

Analyze the impact of external factors on the demand and supply of goods.

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Definitions:

Mask

A pattern or template used to block off a portion of a design or to protect areas during a manufacturing or editing process.

Destination

the intended end point or location to which something or someone is directed or sent.