Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. not sure how to work this out 3. a business pur

not sure how to work this out 3. A business purchased a...

50.1K

Verified Solution

Question

Accounting

not sure how to work this out image
3. A business purchased a car for $200,000 with an estimated useful life of 6 years and residual value of $20,000. By the start of year 5, the car is assessed and noted as being in better condition than anticipated. As a result, the total useful life of the car is now expected to be 8 years. Based on the above information, calculate the depreciation of this asset for year 5 using the straight line method. * $7,500 $15,000 $30,000 $22,500

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find the discounted payback period for the following cash flows. Year Cash Flow 0 -450,000 1 135,000 2 155,000 3 165,000 4 200,000 Assume a discount rate of 9%. Round...

Finance
Q

Compare and Contrast two organic macromolecules. brief explain. Which organic molecules are always, sometimes, never water soluble? brief...

Medical Sciences
Q

What are alaska air groups earnings per share amounts disclosed on the income statement for the...

Accounting
Q

4 What are the structural differences between RNA and DNA 5

Biology
Q

ThreePoint Sports Inc manufactures basketballs for the...

Accounting
Q

Based on the first letter of your last name, use the applicable Internal Revenue Code...

Accounting
Q

The Senior Partner of your Firm, S. Teddy Helm, has asked you to review each...

Accounting
Q

The following journal entry would be made in a processing costing system when units that...

Accounting
Q

Shedalight, Inc. has 62% of its sales in cash and the remaining amount in credit....

Accounting
Q

Billies Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for...

Accounting
Q

The principal of the time value of money is probably the single most important concept...

Finance
Q

Bonds usually sell at a price that is different from the bond's face value. When...

Accounting