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dimaraw [331]
3 years ago
11

Iverson Company purchased a delivery truck for $45,000 on January 1, 2018. The truck was assigned an estimated useful life of 5

years and has a residual value of $10,000. Compute depreciation expense using the double-declining-balance method for the years 2018 and 2019.
Business
1 answer:
Alla [95]3 years ago
4 0

Answer:

Results are below.

Explanation:

Giving the following information:

Purchase price= $45,000

Useful life= 5 years

Salvage value= $10,000

<u>To calculate the annual depreciation under the double-declining balance method, we need to use the following formula:</u>

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

<u>2018:</u>

Annual depreciation= 2[(45,000 - 10,000) / 5]

Annual depreciation= 14,000

<u>2019:</u>

Annual depreciation= 2*[(35,000 - 14,000)/5]

Annual depreciation= $8,400

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Answer:

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Answer:

Type A to produce 44 bags and Type B to produce 16 bags to maximize profit of $440

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