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A Company's Annual Accounting Period Ends on December 31

Question 69

Multiple Choice

A company's annual accounting period ends on December 31.During the current year,a depreciable asset that cost $24,000 was purchased on October 1.The asset has a $1,000 estimated salvage value.The company uses straight-line depreciation and expects the asset to have a six-year life.What is the total depreciation expense for the current year?


A) $3,833.33
B) $958.33
C) $4,000.00
D) $1,000.00
E) $1,041.67

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