On April 1, 2022, Check Mate Ltd

question 67

Multiple Choice

On April 1, 2022, Check Mate Ltd.places a new asset into service.The cost of the asset is $40,000 with an estimated 8-year life and $2,500 residual value.Assuming that Check Mate uses the double diminishing-balance method of depreciation, what is the carrying amount of the asset at December 31, 2022?

• A)$32,500
• B)$30,625
• C)$38,125
• D)$35,000

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Definitions:

House Ownership

The legal right of an individual or group to possess, use, and control a dwelling or residence.

Gender

A societal construct related to the roles, behaviors, activities, and attributes that a given society considers appropriate for men and women.

Cross-Classification Table

A table used to organize data according to two variables simultaneously, allowing for the examination of the relationship between them.

Frequency Distribution Tables

Tables that display the frequency of various outcomes in a sample.