Sharp Purchased Equipment at the Beginning of 2013 for $11,000

question 13

Multiple Choice

Sharp purchased equipment at the beginning of 2013 for $11,000.Sharp decided to depreciate the equipment over a 5-year period using the straight-line method.Sharp estimated the equipment's residual value at $1,000.The estimated fair market value at the end of 2013 was $10,000.Which of the following statements is correct concerning Sharp's financial statements at December 31,2013?

• A)The book value of the equipment is $7,200.
• B)The book value of the equipment is $9,000.
• C)The total accumulated depreciation is $2,200.
• D)The equipment will be reported on the balance sheet at it fair market value of $10,000.

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Definitions:

Recursive Call

A function or method that calls itself within its own code, used to solve problems by breaking them down into simpler versions of the same problem.

Recursion

A programming technique where a function calls itself directly or indirectly in order to solve a problem by breaking it down into smaller problems.

Program

A set of instructions written in a programming language that a computer can execute or interpret.

Method Call

The process by which a method is invoked or executed in programming, possibly with arguments to pass data or objects to the method.