Tuna Copurchased a Building in 2018 for $650,000 and Debited an an Asset

question 67

Multiple Choice

Tuna Co.purchased a building in 2018 for $650,000 and debited an asset called "Buildings" for the entire amount.The company never depreciated the building although it had a useful life of 15 years.At the end of 2018,this action will cause:

• A)Net income to be understated.
• B)Net income to be overstated.
• C)Net income will not be affected.
• D)Total assets will be understated.

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