Find the Book Value to the Nearest Dollar

question 69

Multiple Choice

Find the book value to the nearest dollar.
-Cost $8,080, life 5 years, scrap value $808 at the end of 2 years using double-declining balance
Method

• A)$3,426
• B)$5,171
• C)$5,462
• D)$2,909

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Definitions:

Relief Against Forfeiture

An equitable principle that when a landlord retakes a property because of a failure to pay rent prior to the end of the lease term, the tenant can pay the arrears and apply in the court to have the lease reinstated.

Distress

Intense anxiety, sorrow, or pain; in legal terms, it may refer to the seizure of property to compel payment or compliance.

Tenancy at Sufferance

A situation where a tenant continues to occupy the property after the expiration of the lease, without the landlord's consent but without being evicted.

Statutory Duty

A legal obligation imposed by a statute, requiring a person or entity to adhere to certain standards of conduct.