Norwood, Inc purchased a crane at a cost of $80,000 . The crane has an estimated residual value of $5,000 and an estimated life of 8 years, or 12,500 hours of operation. The crane was purchased on January 1, 2016 and was used 2,700 hours in 2016 and 2,600 hours in 2017. Refer to the information about Norwood, Inc If Norwood uses the double-declining-balance depreciation method, what amount is the
depreciation expense for 2017?
a. $14,063
b. $15,000
c. $18,750
d. $20,000
b
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IFRS specifies that, in the context of inventories, market means
a. replacement cost, only. b. net realizable value, only. c. replacement cost, except that market may not exceed net realizable value and may not be less than net realizable value reduced by a normal profit margin. d. replacement cost, except that market may not exceed net realizable value and may not be less than present value of future cash flows. e. replacement cost, except that market may not exceed net realizable value and may not be less than the total amount of undiscounted future cash flows.
The term law refers exclusively to rules created and enforced by federal, state and local governments
a. True b. False
It is usually "service" objects, not business objects, that acquire multiple interfaces
Indicate whether the statement is true or false
An evaluation conducted by one organization on another organization is referred to as a(n) ________ audit.
A) external B) competitive C) comparative D) intrinsic E) parallel