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Lubov Fominskaja [6]
3 years ago
8

On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life

and $20,000 salvage value at the end of its useful life. What is the depreciation expense for 2014 if Mann Company uses the straight-line method of depreciation?a. $3,000.b. $16,000.c. $4,000.d. $8,000.
Business
1 answer:
Lelu [443]3 years ago
3 0

Answer:

The correct answer is A.

Explanation:

Giving the following information:

On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life and $20,000 salvage value at the end of its useful life.

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= 60,000/5=12,000

3 months depreciation= 12,000/12*3= 3,000

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8 0
3 years ago
John works part-time for a moving company and earns a total of $116 each weekend. A friend invites him to go on a cruise next we
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On March 14, Teal Co. accepted a 120-day, 6% note in the amount of $10,000 from AZC Co., a customer. On the due date of the note
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5 0
3 years ago
When you gather primary or secondary data, whal part of the market information management process are you
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A customer sells 1 ABC Corporation put for 2 on February 22, 2019, with a strike price of 50 and an expiration date of March 16,
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8 0
3 years ago
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