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GMC has Equipment with an estimated life of 10 years and no expected residual value...

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Question

Accounting

GMC has Equipment with an estimated life of 10 years and no expected residual value that was purchased for $60,000 on March 6, 2020.

Required:

Using the nearest whole month method, calculate the depreciation under the Double Declining Balance method for December 31, 2020 using the formula:

2/Estimated Useful Life x Book Value

Round to two decimal places (100.00).

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