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Evaluate what is the book value of the asset at end of year

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Reference no: EM132623682

Question 1: Accumulated depreciation, as used in accounting, may be defined as:

A. portion of the cost of plant asset recognized as expense since asset was acquired.

B. Earnings retained in the business.

C. an expense of doing business.

D. Funds (or cash) set aside to replace the asset being depreciated.

Question 2: On January 1, 1999, Ubot Inc. purchased a piece of equipment for $60,000. It is estimated to have an economic life of 5 years and a salvage value of $10,000. The 200% declining-balance method for depreciation is used. What is the book value of the asset at the end of year 2000

A. $40,000
B. $21,600
C. $24,000
D. $36,000

Reference no: EM132623682

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