Your accounting records show that an asset in use has book value of $7 119.14. The asset cost $30 000 when it was purchased and has been depreciated under the declining balance depreciation method with a 25% depreciation rate. How many years has the asset been in service?
A)1 year
B)2 years
C)3 years
D)4 years
E)5 years

Question

Quizplus · Accepted Answer

The Answer of Your accounting records show that an asset in use has book value of $7 119.14. The asset cost $30 000 when it was purchased and has been depreciated under the declining balance depreciation method with a 25% depreciation rate. How many years has the asset been in service?
A)1 year
B)2 years
C)3 years
D)4 years
E)5 years

Your Accounting Records Show That an Asset in Use Has