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Shaggy Limited purchased a new van on January 1, Year6. The van cost $20,000. It...

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Accounting

Shaggy Limited purchased a new van on January 1, Year6. The van cost $20,000. It has an estimated life of five years and the estimated residual value is $5,000. Shaggy uses the double-declining-balance method to compute depreciation. What is the adjusted balance in the Accumulated Depreciation account at the end of Year7? (Note that 2 full years have passed.)

a. $12,800. b. $9,600 c. $16,000 d. $12,000 e. $4,800

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