On January 2, 2018, GMC purchased machinery for $168,000. The machine's useful life was estimated...
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Accounting
On January 2, 2018, GMC purchased machinery for $168,000. The machine's useful life was estimated at four years or a total of 190,000 units with a residual value of $35,000.
Required:
Calculate the depreciation under the Double Declining Balance method for December 31, 2021 using the formula:
2/Estimated Useful Life x Book Value
Round to two decimal places (100.00).
Note: Accumulated depreciation at the end of 2020 was 133,000 after recording the entry for depreciation expense for the year.
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