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Temka [501]
3 years ago
8

Lundy Company purchased a depreciable asset for $99,000 on January 1. The estimated salvage value is $18,000, and the estimated

useful life is 9 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year on this asset?
Business
1 answer:
Mariulka [41]3 years ago
7 0

Answer:

$16, 988.4

Explanation:

The asset has a useful life of 9 years. the straight-line rate of depreciation is 1/9 X 100 = 11 per cent

the cost of the asset is $99,000

First-year depreciation under double-declining will be

Straight-line method rate x 2= 22 %

= 22/100 x 99,000

=0.22 x 99,000

=21,780

the book value after the first year will be 99,000 -21, 780

= 77,220

Depreciation expense for the second year = 22 % of 77,220

=22/100 x 77,220

=$16, 988.4

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