Question 1 The Boston Chung Company has a building that it originally bought for

Question

Question 1

The Boston Chung Company has a building that it originally bought for $100,000. As of December 31, 2012, there is $10,000 of Accumulated Depreciation on the building (it was being straight-line depreciated over 10 years with no salvage value). On January 1, 2013, Boston Chung decides to change the remaining useful life to 5 years (starting now) with a $50,000 salvage value.

What will be the depreciation on the building in 2013?

$8,000

$10,000

$13,000

$12,500

$20,000

Question 2

Ankit Inc.

Explanation / Answer

1,10,000

2.5,500

3,7,371

4.29,103

5.1,401

6.NET INCOME DROPPED 3,500

7. 10.50

8. 8.54

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