52. Wordmart Inc. purchased equipment for $48,000, and estimated that the equipment will have a $4,000 residual value at the end of its 8-year useful life. Using the double diminishing-balance method, the carrying amount of equipment at the end of the third year would be

Question 52 options:

	$27,000.
	$6,750.
	$20,250.
	$36,000.
	None of the above.

53. At January 1, 2019, Telfer Corporation had a credit balance of $5,450,000 in its retained earnings account. During the year, Telfer paid $250,000 in dividends and reported profit of $560,000. Telfer had a debit balance of $750,000 in its cash account at January1, 2019, but the amount was reduced to $600,000 at the year end of 2019. The December 31, 2019 balance of retained earnings is

Question 53 options:

	$5,760,000
	$5,950,000
	$6,200,000
	$6,450,000
	None of the above