Use the following information to answer Questions 36-42: A company that uses a calendar year purchases an asset with a historical cost of $250,000, a residual value of $5,000 and an estimated life of 5 years. 36. Under the straight-line method, the depreciation rate is ... a. 40% - b. 20% c. 10% d. 5% 37. If the asset is acquired on September 30, 2016, first-year depreciation under the straight-line method is ... 30 a. $50,000 b. $49,000 c. $25,000 d. $12,250 38. If the asset is acquired on January 1, 2016, first-year depreciation under the double-declining balance method is ... - a. 40% b. 20% c. 25% d. 5% 00 39. If the asset is acquired on January 1, 2016, and is depreciated under the double-declining balance method, second-year depreciation is... a. $100,000 -b. $60,000 c. $50,000 d. $25,000 40. If the asset is depreciated under the sum-of-the-years'-digits method, the denominator of the depreciation rate would be ... a. 55 b. 20 c. 15 d. 5 41. If the asset is acquired on January 1, 2016, and is depreciated under the sum-of-the-years'-digits method, first-year depreciation (rounded) would be... - a. $81,667 b. $60,000 c. $49,000 d. $20,417 42. Under any GAAP depreciation method, the maximum depreciation permitted over the asset's life is . . . a. $255,000 b. $250,000 - c. $245,000 d. $200,000