Equipment costing $41,000 was purchased on January 1, 2019. It has an estimated useful life...
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Accounting
Equipment costing $41,000 was purchased on January 1, 2019. It has an estimated useful life of 4 years and a salvage value of $3,000.
Required:
- Calculate depreciation expense for 2019 and 2020 using (a) straight-line rate, and (b) double-declining balance method.
- Determine the book value of the machine at December 31, 2020under the (a) straight-line method and (b) double-declining balance method.
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