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Initial Purchase
Price of Asset: $100,000
Salvage Value: $ 0
Useful Life: 5 years
Problem 1. What is the accumulated depreciation at the end of year 2, assuming straight line depreciation and if the salvage value was $10,000 at the time the asset was acquired?
A. 18,000
B. 22,000
C. 22,500
D. 36,000
E. 40,000
Problem 2. What is the gain/loss on disposal if the equipment is sold in one year for $90,000 (assume straight-line depreciation and salvage value of $10,000)
A. Gain of $8,000
B. Loss of $10,000
C. Gain of $12,000
D. Loss of $14,000
E. Gain of $16,000
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