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

question 53

Multiple Choice

The cost of an asset is $1,000,000,and its residual value is $290,000.Estimated useful life of the asset is five years.Calculate depreciation for the first year using the double-declining-balance method of depreciation.

• A)$284,000
• B)$400,000
• C)$200,000
• D)$142,000

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Securities Exchange Act

A U.S. federal law enacted in 1934 to govern the trading of securities, such as stocks and bonds, in the secondary market, aiming to promote transparency, fairness, and integrity in the marketplaces.