Lomax Enterprises purchased a depreciable asset for $22,000 on March 1, 2008. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,000, what will be the amount of accumulated depreciation on this asset on December 31, 2011?

Lomax Enterprises purchased a depreciable asset for $22,000 on March 1, 2008. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,000, what will be the amount of accumulated depreciation on this asset on December 31, 2011?

Lomax Enterprises purchased a depreciable asset for $22,000 on March 1, 2008. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,000, what will be the amount of accumulated depreciation on this asset on December 31, 2011? 



A. $5,000.00
B. $4,166.67
C. $16,666.68
D. $20,000.00
E. $19,166.67


Answer: E

Lomax Enterprises should recognize depreciation expense in 2011 in the amount of: 


A. $19,166.67
B. $5,000.00
C. $5,500.00
D. $20,000.00
E. $4,166.67


Answer: B