-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+ The useful life of a plant asset is: Select one: a. The length of time it is productively used in a company's operations. b. Its productive life, but not to exceed one year. c. Determined by the FASB. d. Never related to its physical life.

-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+ Marks Consulting purchased equipment costing $45,000 on January 1, Year 1. The equipment is estimated to have a salvage value of $5,000 and an estimated useful life of 8 years. Straight-line depreciation is used. If the equipment is sold on July 1, Year 5 for $20,000, the journal entry to record the sale will include a: Select one: a. Debit to loss on sale for $10,000. b. Debit to accumulated depreciation for $22,500. c. Credit to loss on sale for $10,000. d. Credit to cash for $20,000.

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Beckman Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $100,000. The asset is expected to have a salvage value of $20,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31, Year 2 will be: Select one: a. $16,000 b. $54,000 c. $36,000 d. $42,000

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