Cutter Enterprises purchased equipment for $99,000 on January 1, 2021. The equipment is expected to...
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Accounting
Cutter Enterprises purchased equipment for $99,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $3,900. Using the double-declining-balance method, depreciation for 2021 and the book value at December 31, 2021, would be:
Multiple Choice:
A) $39,600 and $55,500 respectively.
B) $38,040 and $60,960 respectively.
C) $39,600 and $59,400 respectively.
D) $38,040 and $60,060 respectively.
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