Nanki Corporation purchased equipment at the beginning of 2012 for $650,000.In 2012 and 2013,Nanki depreciated the asset on a straight-line basis with an estimated useful life of 8 years and a $10,000 residual value.In 2014,due to changes in technology,Nanki revised the useful life to a total of six years (four more years) with zero residual value.What depreciation expense would Nanki record for the year 2014 on this equipment?
A) $108,333.
B) $106,667.
C) $122,500.
D) $81,667.
Correct Answer:
Verified
Q54: Schager Company purchased a computer system on
Q55: Berry Co.purchases a patent on January 1,2012,for
Q56: Career Services,Incorporated sold some office equipment for
Q57: A building was purchased for $50,000.The asset
Q58: Using the double-declining balance method,the book value
Q60: During 2012 and 2013,Supplies,Inc.drove the truck 15,000
Q61: The return on assets is equal to
Q62: The balance sheet of Hidden Valley Farms
Q63: Cash received from the sale of salvaged
Q64: The balance sheet of Hidden Valley Farms
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents