Assuming that an asset has been fully depreciated according to its straight line CCA class, which of the following statements is correct concerning the value of the asset:
A) its market value is zero.
B) its book value is the current market value.
C) it has neither book value nor market value.
D) its UCC value is zero.
Ans: D) its UCC value is zero.
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Barry buys a new sports car. The car sits low to the ground, and because of the styling, visibility
to the rear is limited. About a month after Barry has the car, he backs over his pet poodle as he is leaving for work. In his strict liability suit against the manufacturer, Barry will: A) Lose because he is not in privity of contract with the car manufacturer. B) Win on the basis of packaging defect because the car could have been packaged in a differently styled body. C) Lose because he assumed the risk of backing up in a car when he could not see to the rear. D) Win because driving a sports car is an inherently dangerous activity. E) Win on the basis of design defect.