The following data pertains to the equipment on July 1,2021, the date of revaluation Cost Replacement Cost Machinery 3,000,000 4,800,000 The equipment has an original useful life of 10 years and was purchased on January 1,2019. How much is the depreciation expense for the year 2021? O 390,000 O 240,000 O 300,000 O 480,000

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 9MCQ: Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a...
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The following data pertains to the equipment on July 1,2021, the date of revaluation
Cost
Replacement Cost
Machinery
3,000,000
4,800,000
The equipment has an original useful life of 10 years and was purchased on January 1,2019. How
much is the depreciation expense for the year 2021?
O 390,000
O 240,000
O 300,000
O 480,000
Transcribed Image Text:The following data pertains to the equipment on July 1,2021, the date of revaluation Cost Replacement Cost Machinery 3,000,000 4,800,000 The equipment has an original useful life of 10 years and was purchased on January 1,2019. How much is the depreciation expense for the year 2021? O 390,000 O 240,000 O 300,000 O 480,000
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