Accounting

On October 1, 2021, Vaughan Wind Turbine Company places a new asset into service. The cost of the asset is $9400 with an estimated 5-year life and $1600 residual value at the end of its useful life. What is the carrying amount of the long-lived asset on the December 31, 2021, balance sheet assuming that Vaughan Wind Turbine Company uses the double diminishing-balance method of depreciation? $5640 O $7800 $8460 $8880