Use the Information Below for Flora Inc During 2018,Flora Inc

question 90

Multiple Choice

Use the information below for Flora Inc.for 2017 and 2018 to answer the following question: $\begin{array}{lr}\text { Equipment, December } 31,2017 & \$ 65,000 \\\text { Equipment, December 31,2018 } & 72,000 \\\text { Accumulated depreciation, December 31,2017 } & 39,000 \\\text { Accumulated depreciation, December 31,2018 } & 30,000\end{array}$ During 2018,Flora Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment.This was the only equipment sale during the year.
What was depreciation expense for 2018?

• A)$9,000
• B)$16,000
• C)$21,000
• D)$30,000

Understand the implications of market interventions for consumers and producers.

Explore various nonprice rationing mechanisms and their efficiency in resource allocation.

Comprehend the broader economic cost concepts including opportunity cost and economic choice.

Assess the impact of market dynamics on price setting and resource distribution.

---

Definitions:

Type I Error

The error made when a true null hypothesis is incorrectly rejected.

Type II Error

The error that occurs when a false null hypothesis is not rejected, also known as a "false negative."

Probability

The degree to which something is likely to happen, quantified as a number between 0 (impossible) and 1 (certain).

P-Values

Probabilities used to quantify the significance of findings, or the likelihood that the observed data occurred by chance under the null hypothesis.