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cupoosta [38]
3 years ago
9

A company purchased a computer system at a cost of $24,000. The estimated useful life is 6 years, and the estimated residual val

ue is $9,000. Assuming the company uses the double-declining-balance method, what is the depreciation expense for the second year? (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.)
Business
1 answer:
max2010maxim [7]3 years ago
7 0

Answer:

Year 2= $3,333.33

Explanation:

Giving the following information:

A company purchased a computer system for $24,000. The estimated useful life is 6 years, and the estimated residual value is $9,000.

To calculate the depreciation expense for the second year, we need to use the following formula for year 1 and 2:

Annual depreciation= 2*[(book value)/estimated life (years)]

Year 1= 2*[(24,000 - 9,000)/6]= 5,000

Year 2= 2*[(15,000 - 5,000)/6]= 3,333.33

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initial investment                                 $290,000               $210,000

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salvage value                                          $11,000                 $15,000

payback period                      $290,000 / $130,153  $210,000 / $63,727

                                                        = 2.23 years              = 3.3 years

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Suppose NanoSpeck, a biotechnology firm, is selling stocks to raise money for a new lab—a practice known as finance. Buying a sh
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Thornton, Inc., had taxable income of $128,267 for the year. The company's marginal tax rate was 35 percent and its average tax
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