Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. fellingham corporation purchased equipment on janu

Fellingham Corporation purchased equipment on January 1, 2016, for $240,000. The company estimated the equipment...

70.2K

Verified Solution

Question

Accounting

Fellingham Corporation purchased equipment on January 1, 2016, for $240,000. The company estimated the equipment would have a useful life of 10 years with a $40,000 residual value. Fellingham uses the straight-line depreciation method. Early in 2019, Fellingham reassessed the equipment's condition and determined that its total useful life would be only eight years in total and that it would have a $20,000 residual value. How much would Fellingham report as depreciation on this equipment for 2019?

a) 36,000

b) 32,000

c) 25,000

d) 20,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

2 Students in a psychology class were presented with a page containing colored rectangles The...

Statistics
Q

Why is the GM detector not capable of discriminating between different forms of radiation?

Physics
Q

Write the double-mass-spring equations as a 1st-order system in matrix-vector form.

Advance Math
Q

e diagram shows the displacement time graph for a particle moving in a straight line...

Physics
Q

10 in 6 in 17 in

Geometry
Q

Solve 95 6x 25 Then find 4z

Algebra
Q

LoBianco Companys record of transactions for the month of April was as follows. Purchases Sales...

Accounting
Q

Required information [The following information applies to the questions displayed below. Global Marine obtained a...

Accounting
Q

Callaway Golf Company sells on account to golf pro shops and general sporting goods retailers....

Accounting
Q

please help with 3A & 3B .. thank u ...

Accounting
Q

On January 1, a Cafe received advanced payment of $300 from a customer to provide...

Accounting
Q

The following labor standards have been established for a particular product: Standard labor hours per...

Accounting