An Asset Was Purchased for $100,000

question 12

Multiple Choice

An asset was purchased for $100,000.It had an estimated residual value of $20,000 and an estimated useful life of ten years.After four years of use,the estimated residual value is revised to $14,000.Assuming straight-line depreciation,depreciation expense in year 5 of use would be

• A)$7,667.
• B)$8,572.
• C)$9,000.
• D)$14,334.

Gain knowledge on how to treat inventory and other assets upon the admission of a new partner.

Identify the role and impact of bonuses in the adjustment of capital accounts upon the admission of new partners or liquidation.

Recognize different terms associated with partnership accounting, such as deficiency, realization, and liquidation.

Analyze the calculation of losses on realization and their distribution among partners.

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Definitions:

Cam Displacement Diagram

A graphical representation used in mechanical engineering to show how the position of a cam changes over time.

Working Drawing

Detailed drawings that provide all the information necessary for the manufacture or construction of a part or assembly.

Detailed Drawing

A technical drawing that provides comprehensive details needed to fabricate or manufacture a part, including dimensions, materials, and specifications.