if an assest has a useful life of 10 years, the rate of depreciation used in the double balence method would be

10 pc QUESTION 5 Smith paid $400 to have new tires installed on a delivery truck that they have used for 3 years. This would be considered a capital expenditure an expense 10 point QUESTION 6 Mankato corporation incurred $10,000 of depreciation expense this year. This means that: the value of Mankato's assets decreased by $10,000 this year. $10,000 of the cost of Mankato's assets were assigned to expense this year. the book value of mankato's assets increased by $10,000 this year. the value of Mankato's business decreased by $10,000 this year 10 points QUESTION 7 Smith corporation paid $5,000 to pave a stone parking lot. This cost would be considered a capital expenditure an expense Problem 2 Gwynedd Valley Farms Purchased A New Tra... | Chegg.com QUESTION 8 Bo Take Test: Chapter 9 Quiz Smith corporation purchased a machine for $50,000. After taking $20,000 of depreciation on the asset, the asset was sold for $24,000. How much gain or loss will Smith record on the sale of the asset? No Gain or loss $4,000 gain ($4,000) loss. ($6,000) loss QUESTION 9 Champion bought a machine for $40,000 that had a 5 year useful life and no expected residual value Champion uses straight line me the half-year convention. How.much depreciation expenses would be recorded in the first year? $4,000 $8000 $16,000 Some other amount HECTION QUESTION 10 When a business uses an accelerated depreciation method: An asset will be depreciated over a shorter amount of time. depreciation of an asset will be over a longer number of years. More depreciation will be taken in the early years of an assets life than in the later years, . The asset will wear out over a shorter number of years