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On October 1, 2012, Ming Wo Ltd

Question 1

Multiple Choice

On October 1, 2012, Ming Wo Ltd. places a new asset into service. The cost of the asset is $9,000 with an estimated 5-year life and $1,500 residual value. Assuming that Ming Wo uses the double diminishing-balance method of depreciation, what is the carrying amount of the asset at December 31, 2012?


A) $8,100
B) $6,750
C) $6,000
D) $5,400

Correct Answer:

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