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vitfil [10]
4 years ago
11

On January 1, year 1, LaRose Corp. purchases equipment for $100,000. LaRose uses the double-declining-balance method of deprecia

tion. The asset has a 5-year service life and a $10,000 residual value. What is depreciation expense for year 1?
Business
1 answer:
lesantik [10]4 years ago
3 0

Answer:

Depreciation Expense for the year 1 is $40,000.

Explanation:

The depreciation expense can be calculated using the double declining balance formula which is as under:

Double declining depreciation expense = Cost / Useful life       * 2

By putting the values, we have:

Double declining depreciation expense = $100,000 / 5 years    * 2

Double declining depreciation expense = $40,000

The depreciation expense for the first year is $40,000.

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help_outline

fullscreen

b. Ascertain the variable cost mark-up percentage for cellular phones:

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