The Cost of an Asset Is $1,070,000, and Its Residual

question 46

Multiple Choice

The cost of an asset is $1,070,000, and its residual value is $220,000. Estimated useful life of the asset is ten years. Calculate depreciation for the first year using the double-declining-balance method of depreciation. (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)

• A) $170,000
• B) $214,000
• C) $107,000
• D) $85,000

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