Multiple Choice
Base-Forward owns a machine that it purchased on Jan 1, 2019 for $600,000. The machine had an estimated useful life of 5 years and an estimated residual value of $100,000. The company uses the declining balance method with a rate of 20%. The machine was sold on December 31, 2021 for $140,000. What was the depreciation expense for 2021?
A) $292,800
B) $76,800
C) $60,000
D) $50,000
Correct Answer:
Verified
Correct Answer:
Verified
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