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Colvin Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of...

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Accounting

Colvin Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $180,000. The asset is expected to have a salvage value of $17,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31, Year 2 will be:

Multiple Choice

  • $162,000

  • $53,460

  • $38,880

  • $35,640

  • $97,200

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