On January 1, 2006, the Rita Company Purchased for $80

On January 1, 2006, the Rita Company purchased for $80, 000 a building that was expected to have a 20-year useful life with no residual value at the end of its useful life.The straight-line method of depreciation was used.On January 1, 2012, Rita Company determined that the remaining life of the building was four years, and there was no change in residual value.What is the balance in Accumulated Depreciation: Building at December 31, 2012, assuming that Rita properly accounted for the change?

A) $14, 000
B) $28, 000
C) $38, 000
D) $56, 000

Correct Answer:

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