Answer: Option (B)
Explanation:
Condition subsequent clause is referred to as an exit clause from the existing contract. This agreement in between the parties tends to include languages that loosens or frees one of individuals from the agreement or the deal. This tends to mostly occur when the conditional outcome or result takes place. The conditional subsequent relieves an individual or a party from all the obligations.
Answer:
(d) Straight-line method (SL), the same convention as used in the first year of depreciation, ADS recovery period
Explanation:
The straight line method is the best to use, the convention to be used is the same as what was used in the first year of depreciation and the recovery period in 2019 is the ADS recovery period.
To decrease annual deduction, it is standardized that ADL is used with straight line method with 31 plus years for a recovery period that is longer.
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The telling style of leadership has a <span>high-task, low-relationship feature.</span>
Answer:
So the depreciation in year 1 is $95,000
Explanation:
Depreciation is the accounting method that is used to allocate cost of an asset over its useful life. It is assumed that an asset losses values over a period and the salvage or terminal value is the value of the good after its useful life has ended.
Straight line method of depreciation assumes equal allocation of depreciation expense over the useful life of an asset.
In the given the asset value is $570,000 and the terminal value is $0
Using the formula
Depreciation= (Value of asset- Salvage value)/Number of useful years
Depreciation= (570,000-0)/6
Depreciation= $95,000 paid equally for 6 years
So the depreciation in year 1 is $95,000
