A building acquired at the beginning of the year at a cost of $3,585,000 has an estimated residual value of $125,000 and an estimated useful life of 50 years. Determine the following. (a) The double-declining-balance rate fill in the blank 1 % (b) The double-declining-balance depreciation for the first year $fill in the blank 2

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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A building acquired at the beginning of the year at a cost of $3,585,000 has an estimated residual value of $125,000 and an estimated useful life of 50 years. Determine the following.

(a) The double-declining-balance rate fill in the blank 1 %
(b) The double-declining-balance depreciation for the first year $fill in the blank 2  
 
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