On June 1st, 2019 Keisi Financial Group purchased new furniture with a cost of $250,000,...
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Accounting
On June 1st, 2019 Keisi Financial Group purchased new furniture with a cost of $250,000, plus sales tax of $1,250 and shipping charges of $850. The furniture had a residual value of $15,000and a useful life of 5 years.Calculate the depreciation expense and book value as of December 31, 2020 under both the straight-line and double-declining-balance methods. Also, calculate Keisi's tax savings for 2020 if they use double-declining-balance instead of straight-line. Keisi has a December 31st year end and a tax rate of 18%.
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