Equipment with a Residual Value of $50,000 at the End

question 78

Multiple Choice

Equipment with a residual value of $50,000 at the end of 10 years was acquired at the beginning of Year 1 for $500,000.Assuming the use of straight-line depreciation,how will depreciation expense for Year 2 be recorded in the journal entry?

• A) Depreciation expense will be debited and accumulated depreciation will be credited for $50,000.
• B) Accumulated depreciation will be debited and equipment will be credited for $50,000.
• C) Depreciation expense will be debited and equipment will be credited for $45,000.
• D) Depreciation expense will be debited and accumulated depreciation will be credited for $45,000.

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Definitions:

Master Status

The perception that a person will be seen only in terms of a stigmatizing attribute rather than as the total self.

Stereotype Threat

The fear of confirming negative stereotypes about one's group, which can impair performance in a variety of settings.

Person-group Discrepancy

The difference or gap between an individual's behaviors or beliefs and those of a larger group.

Sexism-related Words

Terminology that reflects or promotes discriminatory attitudes or behaviors based on a person's sex.