Canliss Mining uses the replacement method to determine depreciation on its office equipment. During 2016,...
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Accounting
Canliss Mining uses the replacement method to determine depreciation on its office equipment. During 2016, its first year of operations, office equipment was purchased at a cost of $14,000. Useful life of the equipment averages four years and no salvage value is anticipated. In 2018, equipment costing $5,000 was sold for $600 and replaced with new equipment costing $6,000. Canliss would record 2018 depreciation of:
Multiple Choice
$4,400.
None of these answer choices are correct.
$3,500.
$5,400.
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