Computer Equipment Was Acquired at the Beginning of the Year

question 36

Multiple Choice

Computer equipment was acquired at the beginning of the year at a cost of $65,000 that has an estimated residual value of $3,000 and an estimated useful life of 5 years. Determine the 2nd year's depreciation using straight-line depreciation.

• A) $26,000
• B) $24,800
• C) $12,400
• D) $13,000

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Definitions:

Owner List

A detailed record or enumeration of the owners or stakeholders of a particular asset, business, or property.

Customer List

A detailed list or database that contains information about a company's customers, including contact details, purchasing history, and preferences.

Pay Bills Window

A feature in accounting software that facilitates the management and payment of bills and invoices.

Journal Entry

A recording of a financial transaction in an accounting system.