Acg3113 week 3 quiz.docx - Scoreforthisquiz:50outof50...

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Score for this quiz:  50  out of 50 Submitted Dec 4 at 9:55am This attempt took 28 minutes.   Question 1 5 / 5 pts Each of the following are physical factors affecting depreciation except:    casualties.      decay.   Correct!    obsolescence.      wear and tear.     Question 2 5 / 5 pts McDonald Company acquired machinery on January 1, 2012 which it depreciated under the straight-line method with an estimated life of fifteen years and no salvage value. On  January 1, 2017, McDonald estimated that the remaining life of this machinery was six  years with no salvage value. How should this change be accounted for by McDonald?    As a prior period adjustment      As the cumulative effect of a change in accounting principle in 2017  
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Correct!   By setting future annual depreciation equal to one-sixth of the book value on January 1,  2017    By continuing to depreciate the machinery over the original fifteen year life     Question 3 5 / 5 pts Hart Corporation owns machinery with a book value of $570,000. It is estimated that the
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