Below Is Selected Information Taken from the Balance Sheet of Huy

question 52

Multiple Choice

Below is selected information taken from the balance sheet of Huy Corporation as of 12/31/06.
$$\begin{array}{l}\begin{array} {| l | l| l |} &12/31/05&12/31/06\\\hline \text {Land}&\$ 100,000&\$ 100,000 \\\hline \text {Machines}&80,000&70,000\\\hline \text {Gross P,P\&E}&180,000&170,000\\\hline \text {Accumulated depreciation}&\$ 25,000&\$ 10,000\\\hline \text {Net P,P\&E}&\$ 155,000&\$ 160,000\\\hline \text {Depreciation expense}&&\$ 5,000\\\end{array}\end{array}$$
-The average depreciable life of Huy's depreciable assets as of 2006 is:

• A) 2 years
• B) 7 years
• C) 14 years
• D) 34 years

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