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80. On November 1, 2016, Carla Vista Co. places a new asset into service. The cost...

80. On November 1, 2016, Carla Vista Co. places a new asset into service. The cost of the asset is $77000 with an estimated 10-year life and $7000 salvage value at the end of its useful life. What is the depreciation expense for 2017 if Carla Vista Co. uses the straight-line method of depreciation?

$1167.

$1750.

$7000.

$3850.

81.

Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $55000. If the balance of the Allowance for Doubtful Accounts is $11000 debit before adjustment what is the balance after adjustment?

$11000

$55000

$66000

$44000

82.

A plant asset was purchased on January 1 for $65700 with an estimated salvage value of $15000 at the end of its useful life. The current year's depreciation expense is $3900 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $27300. The remaining useful life of the plant asset is

6 years.

16 years.

13 years.

7 years.

Expert Solution

ekkarill92 answered 2 years ago

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