Machinery Acquired New on January 1 at a Cost of $80,000

question 107

Multiple Choice

Machinery acquired new on January 1 at a cost of $80,000 was estimated to have a useful life of 10 years and a residual salvage value of $20,000.Straight-line depreciation was used.On January 1,following six full years of use of the machinery,management decided that the estimate of useful life had been too long and that the machinery would have to be retired after three years,that is,at the end of the ninth year of service.Under this revised estimate,the depreciation expense for the seventh year of use would be:

• A)$8,000.
• B)$10,000.
• C)$13,000.
• D)$24,000.

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Definitions:

Permissive Parenting

A parenting style characterized by low demands with high responsiveness, where parents are indulgent and may avoid setting boundaries.

Set Clear Limits

The practice of establishing and communicating understandable and precise boundaries or rules, often in the context of parenting or teaching.

Cognitive Processes

Mental activities involved in acquiring, storing, and using knowledge, such as perception, thinking, reasoning, and memory.

Social Processes

The patterns of interaction, change, and development in societal structures and relationships over time.