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lora16 [44]
3 years ago
7

On January 1, 2019, Upward Company purchased a copy machine. The machine costs $320,000, its estimated useful life is 8 years, a

nd its expected salvage value is $20,000. What is the depreciation expense for 2020 using double-declining-balance method
Business
1 answer:
qwelly [4]3 years ago
6 0

Answer:

$60,000

Explanation:

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

Depreciation factor = 2 x (1/useful life) = 2 / 8 = 0.25

Depreciation expense in 2019 = 0.25 x $320,000 = $80,000

Book value at the beginning of 2020 = $320,000 - $80,000 = $240,000

Depreciation expense in 2020 = 0.25 x $240,000 = $60,000

I hope my answer helps you

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Which of the following is a limitation of the planning process at Wirecard? Check all that apply.
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Mandy, who has AGI of $80,000 before considering rental activities, is active in three separate real estate rental activities. M
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Answer: See explanation

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Total assets 44900    

Less: Liablities 14,550

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Assets   =Liabilities +Owner's-Drawings+Revenues-Expense capital

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  • Equipment, real estate, raw materials, and inventories are examples of tangible assets. Intangible assets include things like royalties, patents, and other intellectual property.
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Answer:

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