A Building Was Purchased for $250,000

question 41

Multiple Choice

A building was purchased for $250,000.It has accumulated depreciation of $40,000 and an expected residual value of $50,000.Assuming the use of straight-line depreciation,its estimated useful life must be

• A)15 years.
• B)10 years.
• C)5 years.
• D)impossible to determine from the facts given.

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Definitions:

Recreation

Activities done for enjoyment, leisure, or pleasure when one is not working.

Necessities

Basic needs or essential items required for living and maintaining a decent quality of life, such as food, water, shelter, and clothing.

Norms

Rules or guidelines regarding what kinds of behavior are acceptable and appropriate within a particular culture; these typically emanate from the group’s values.

Values

Ideas about what is right or wrong, good or bad, desirable or worthy in a particular group; they express what the group cherishes and honors.