With respect to the asset in the previous question, at the end of its ninth year of useful life, the book value of the asset will be:

a$.$ $$0$

b$.$ $$8,000$

c$.$ $$8,889$

d$.$ $$7,200$

If an asset cost $$90,000,$ has a useful life of nine years, a residual value of $$9,000,$ and is depreciated using the double declining balance method, the book value at the end of the first year of useful life will be:

a$.$ $$72,000$

b$.$ $$70,000$

c$.$ $$80,000$

d$.$ $$81,000$

For accounting purposes, a tangible fixed asset is impaired when:

a$.$ It has less than half of the original lifespan remaining.

b$.$ The book value is less than $50\%$ of the original cost of the asset.

c$.$ Fair value is less than the original cost of the asset

d$.$ None of the above.

A tangible fixed asset has a book value of $$50,000.$ Its fair value is $$47,000.$ The sum of the estimated future cash flows is $$50,500.$ The company will recognize:

a$.$ $$3,000$ impairment loss

b$.$ $$3,500$ impairment loss

c$.$ $$500$ impairment gain

d$.$ None of the above.