3. Accrual Accounting Concepts
Adjusting Entries: Depreciation
Multiple Choice
Multiple ChoiceOn January 1, 1989 XYX Company purchased a machine for $180,000 in cash. The company estimated a nine year useful life with no salvage value. After the correct entries are made, what will be the balance in the Accumulated Depreciation account on December 31, 1992?
A
$20,000
B
$60,000
C
$80,000
D
$180,000
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