Author Question: Julie bought a boat at the beginning of the year for 35,000. The boat has an estimated life of 8 ... (Read 185 times)

melly21297 · **on:** Jun 24, 2018

Julie bought a boat at the beginning of the year for 35,000. The boat has an estimated life of 8 years and a salvage value of 14,000 at the end of the 8-year period. What is the book value after the first year?
A) 32,375
B) 29,750
C) 21,000
D) 2,625

Question 2

The original cost of a wave runner was 8,000 with an estimated life of 5 years. What is the first-year depreciation?
A) 3,200
B) 1,600
C) 800
D) 400