An Asset Has a Cost of $70,000 with a Residual

question 60

Multiple Choice

An asset has a cost of $70,000 with a residual value of $14,000. It has a life of 5 years and was purchased on January 1. Its fourth full year of depreciation expense under double-declining-balance will be: (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.)

• A)$10,080.
• B)$6,048.
• C)$1,120.
• D)$0.

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Definitions:

Interpersonal Intelligence

The ability to understand and interact effectively with others, involving sensitivity to the moods, feelings, temperaments, and motivations of people.

Gardner's Intelligence

The theory proposed by Howard Gardner that suggests human intelligence is comprised of multiple distinct dimensions rather than a single ability.

Savants

Individuals who demonstrate exceptional abilities or skills in a specific area despite having developmental conditions, such as autism spectrum disorder.

Multiple Intelligences

In Howard Gardner’s theory, the six essential, independent mental capacities (linguistic, logical-mathematical, spatial, musical, bodily-kinesthetic, and personal intelligence).