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slava [35]
3 years ago
14

Carney Construction purchased a truck for $55,000 on January 1, 2015. The truck had an estimated useful life of 5 years and an e

stimated residual value of $5,000. Using the double-declining balance method, what amount of depreciation would be recorded in 2016?
Business
1 answer:
ddd [48]3 years ago
7 0

Answer:

The amount of depreciation would be recorded in 2016 was $12,000

Explanation:

Under the straight-line method, useful life is 5 years, so the asset's annual depreciation will be 20% of the Depreciable cost.

Depreciable cost = Total cost of the equipment - Residual value =  $55,000 - $5,000 = $50,000

Under the double-declining-balance method the 20% straight line rate is doubled to 40% - multiplied times the Depreciable cost's book value at the beginning of the year.

Depreciation expense for 2015 = 40% x $50,000 = $20,000

At the beginning 2016, the Depreciable cost's book value is $50,000-$20,000 = $30,000

Depreciation expense for 2016 = 40% x $30,000 = $12,000

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Answer:

b

Explanation:

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name some differences between the requirements and responsibilities between volunteer,intern, and paid jobs
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2 years ago
The total assets of brandon co. are $900,000 and its liabilities are equal to one-fourth of its total assets. what is the amount
yuradex [85]
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5 0
3 years ago
Read 2 more answers
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Cashier's check.

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