Q.

Your accounting records indicate that an asset in use has a book value of $8,640. The asset cost $30,000 when it was purchased, and it has been depreciated under the 5 MACRS method. Based on the information available, determine how many years the asset has been in service.

A. 5 years
B. 6 years
C. 4 years
D. 3 years
Answer» D. 3 years
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