Your Accounting Records Show That an Asset in Use Has

Multiple Choice

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