What Is the Depreciation, for the Year of Acquisition and for the Following

question 198

Multiple Choice

What is the depreciation, for the year of acquisition and for the following year of a fixed asset acquired on October 1 for $500,000, with an estimated life of 5 years, and residual value of $50,000, using the straight-line method. Assume a fiscal year ending December 31.

• A) Yr. of acquisition: $50,000; following year: $90,000
• B) Yr. of acquisition: $22,500; following year: $90,000
• C) Yr. of acquisition: $90,000; following year: $90,000
• D) Yr. of acquisition: $22,500; following year: $180,000

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