Mouse Corporation Acquired a Building on January 1, 2010, for $500,000

question 200

Multiple Choice

Mouse Corporation acquired a building on January 1, 2010, for $500,000. The building had an estimated useful life of 20 years and an estimated salvage value of $25,000. On January 1, 2013, Mouse Corporation determined that the building could only be used for another 10 years and there would be no salvage value. Compute depreciation expense for the year ending December 31, 2013, if Mouse Corporation uses straight-line depreciation.

• A) $16,667
• B) $40,000
• C) $42,875
• D) $50,000

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