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EastWind [94]
3 years ago
13

On January 1, 2016, Skyward Company purchased a copy machine. The machine costs $320,000, its estimated useful life is 8 years,

and its expected salvage value is $20,000. What is the depreciation expense for 2017 using double-declining-balance method
Business
1 answer:
never [62]3 years ago
3 0

Answer:

$60,000

Explanation:

Double declining method is a depreciation method used to expense the cost of an asset.

Depreciation expense using the double declining method = Depreciation factor × cost of asset

Deprecation factor = 2 (1/useful life) = 2(1/8) = 1/4

Depreciation expense in 2016 = 0.25 × $320,000 = $80,000

Net book value = $320,000, - $80,000 = $240,000

Deprecation expense in 2017 = 0.25 x $240,000 = $60,000

I hope my answer helps you

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