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tatuchka [14]
3 years ago
15

On January​ 2, 2019, Kornis Corporation acquired equipment for $1,000,000. The estimated life of the equipment is 5 years or 100

,000 hours. The estimated residual value is $20,000.
What is the balance in Accumulated Depreciation on December​ 31, 2019, if Kornis Corporation uses the double−declining−balance method of​ depreciation?
Business
1 answer:
Scrat [10]3 years ago
5 0

Answer:

$392,000

Explanation:

Double-declining-balance method is (2/useful life) x cost -accumulated depreciation)

cost = purchase price - residual value

2/5 x( 1000000-20000)

= $392,000

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