22. The cost of an asset is $1,110,000, and its residual value is $300,000. Estimated useful life of the asset is five years. Calculate depreciation for the second year using the double-declining-balance method of depreciation (room on next page). A) $222,000 B) $162,000 C) $266,400 D) $324,000

23. If an asset is disposed of when it is fully depreciated and has no residual value, the business does not need to make a journal entry because the book value is zero. TRUE FALSE