When a fully depreciated asset is still in use select

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Question 7When a fully depreciated asset is still in use:Select one:a. It should be written off the books. b. Part of the depreciation should be reversed. c. The cost should be adjusted to market value. d. Prior years' depreciation should be adjusted. e. Theaccruedportionofaccumulateddepreciationshouldremainunchangedandnomoredepreciationshouldbetaken. Correct. The cost and accumulated depreciation should not be removed from the accounts until the disposal of the asset.FeedbackThe correct answer is: The accrued portion of accumulated depreciation should remain unchanged and no more depreciation should be taken.
Question 8A truck costing $45,000 and having an estimated salvage value of $4,500 and an original life of five years is exchanged for a new truck. The cash price of the new truck is $57,000. A trade-in allowance of $22,500 is received for the old truck and the difference is paid in cash. The old truck has been depreciated for threeyears using the straight-line method. Assuming that the exchange would be deemed to not have commercial substance, the new truck would be recorded at:
Question 9Land containing a mine having an estimated 1,000,000 tons of economically extractable ore is purchased for $375,000. After the ore deposit is removed, the land will be worth $75,000. If 100,000 tons of ore are mined and sold during the first year, the depletion cost charged to expense for the year is:
Question 10Bren Company purchased a patent for $36,000. The patent is expected to have a finite life of 10 years even though its legal life is 17 years. The amortization for the first year is:

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