Acme, Inc.'s balance sheet shows Equipment at a cost of $5,000,000. Accumulated Depreciation is $2,000,000. Acme's income statement shows Depreciation Expense of $200,000 for the year. Which of the following statements is true? A) 40% of the equipment's economic benefits have been used up so farB) 4% of the equipment's economic benefits have been used up so farC) at this rate, the equipment will never be fully depreciatedD) there must be a mistake because depreciation expense is less than accumulated depreciation
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