Homework answers / question archive / -+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+ When originally purchased, a vehicle costing $23,000 had an estimated useful life of 8 years and an estimated salvage value of $3,000

-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+ When originally purchased, a vehicle costing $23,000 had an estimated useful life of 8 years and an estimated salvage value of $3,000

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When originally purchased, a vehicle costing $23,000 had an estimated useful life of 8 years and an estimated salvage value of $3,000.
After 4 years of straight-line depreciation,
the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value.
The depreciation expense in year 5 equals:
Select one:
a. $5,000.
b. $11,500.
c. $5,750.
d. $2,875.

Correct Answer is option: :

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Which of the following would be classified as a natural resource?
Select one:
a. Land improvements.
b. Land held as an investment.
c. Patent on an oil extraction process.
d. Diamond mine.

Correct Answer is option:

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company bought new heating system to replace its old system that had an original cost of $37,000 and accumulated depreciation of $34,000.
The company also paid $40,000 cash. If the transaction has commercial substance, and the company lost $1,000 in this transaction,
then the company should record the new heating system at:
Select one:
a. $42,000.
b. $40,000.
c. $2,000.
d. $3,000.