For 2016, Skresso Co. reported $1.82 of earnings

For 2016, Skresso Co. reported $1.82 of earnings per share of common stock. During 2017, the firm had a 4% common stock dividend. The 2016 earnings per share to be reported in the annual report for 2017 are:

$1.70

$1.75

$1.82

$1.90

Moped, Inc. purchased machinery at a cost of $44,000 on January 1, 2017. The expected useful life is 5 years and the asset is expected to have salvage value of $4,000. Moped depreciates its assets using the double-declining balance method.

What is the accumulated depreciation for this asset on December 31, 2018?

rev: 10_21_2016_QC_CS-67091

$10,560

$8,800

$28,160

$17,600

Accumulated depreciation on a balance sheet:

represents cash that will be used to replace worn out equipment.

is part of stockholders' equity.

represents the portion of the cost of an asset that is assumed to have been "used up" in the process of operating the business.

recognizes the economic loss in value of an asset because of its age or use.