A Building Was Purchased for $230,000

question 83

Multiple Choice

A building was purchased for $230,000.It currently has accumulated depreciation of $40,000 and had a residual value of $50,000.Assuming the use of straight-line depreciation,its estimated useful life must have been

• A) 5 years.
• B) 10 years.
• C) 14 years.
• D) impossible to determine from the facts given.

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Definitions:

DDT

Dichloro-Diphenyl-Trichloroethane, a synthetic insecticide known for its environmental persistence and its role in the decline of certain wildlife populations before restrictions were placed on its use.

Second-Generation Pesticides

Pesticides developed to overcome resistance or environmental concerns associated with first-generation pesticides, often designed to be more targeted or biodegradable.

Spiders

Arachnids characterized by eight legs, typically spinning webs to capture prey, and playing a significant role in controlling insect populations.

Spruce Budworm

A destructive North American caterpillar that infests conifer forests, notably spruce and fir trees, causing significant damage to these ecosystems during outbreak periods.