A plant asset was acquired on January 1, 2008, has a cost of $24,000 and a salvage value of $6,000. The asset has a three-year life. If depreciation in the THIRD year amounted to $3,000, which depreciation method was used? O Straight-line Declining-balance Sum-of-the-years-digits O Cannot tell from information given
A plant asset was acquired on January 1, 2008, has a cost of $24,000 and a salvage value of $6,000. The asset has a three-year life. If depreciation in the THIRD year amounted to $3,000, which depreciation method was used? O Straight-line Declining-balance Sum-of-the-years-digits O Cannot tell from information given
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![A plant asset was acquired on January 1, 2008, has a cost of $24,000 and a salvage value of
$6,000. The asset has a three-year life. If depreciation in the THIRD year amounted to
$3,000, which depreciation method was used?
O Straight-line
Declining-balance
Sum-of-the-years-digits
O Cannot tell from information given](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5bd9fd3d-4f4d-4003-91c9-9c50e6822cb0%2F0a7dfea6-40cc-44b4-a48a-937e1221d354%2Fqktzssn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A plant asset was acquired on January 1, 2008, has a cost of $24,000 and a salvage value of
$6,000. The asset has a three-year life. If depreciation in the THIRD year amounted to
$3,000, which depreciation method was used?
O Straight-line
Declining-balance
Sum-of-the-years-digits
O Cannot tell from information given
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