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Ellen's Antiques Reported the Following in Its December 31,2016,balance Sheet

question 99

Essay

Ellen's Antiques reported the following in its December 31,2016,balance sheet:
Equipment $4,000,000
Accumulated depreciation-equipment $3,150,000
In a disclosure note,Ellen's indicates that it uses straight-line depreciation over eight years and estimates salvage value at 10% of cost.
Required: Compute the average age of Ellen's equipment at 12/31/2015.

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Definitions:

Large Sample Sizes

The use of a substantial number of participants or observations in research to increase the validity and reliability of the findings.

Inferential Statistics

It is the branch of statistics that deals with drawing conclusions and making predictions about a population based on a sample.

Chi-square Test

A statistical approach designed to test for a significant link between two categorical variables.

T Test

An analytical procedure designed to assess the means of two sets to identify if a notable difference is present.

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