Use the following information for questions.
Financial statements for Bernard Corp.are presented below:
-The book value of the buildings and equipment at December 31, 2017 was
A)$508,000.
B)$520,000.
C)$588,000.
D)$712,000.

Question

Use the following information for questions.
Financial statements for Bernard Corp.are presented below: 
-The book value of the buildings and equipment at December 31, 2017 was
A)$508,000. 
B)$520,000. 
C)$588,000. 
D)$712,000.

Quizplus · Accepted Answer

The book value of the buildings and equipment is calculated by subtracting accumulated depreciation from the cost of the buildings and equipment. The correct choice is based on the given data, which indicates that the book value at December 31, 2017, is $508,000.

Use the Following Information for Questions