A building acquired at the beginning of the year at a cost of $84,800 has an estimated residual value of $2,500 and an estimated useful life of 4 years. Determine the following.(a) The double-declining-balance rate fill in the blank 1 of 2 %(b) The double-declining-balance depreciation for the first year fill in the blank 2 of 2$

A building acquired at the beginning of the year at a cost of $84,800 has an estimated residual value of $2,500 and an estimated useful life of 4 years. Determine the following.(a) The double-declining-balance rate fill in the blank 1 of 2 %(b) The double-declining-balance depreciation for the first year fill in the blank 2 of 2$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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H1.
The double-declining-balance method is to be used for an asset with a cost of $90.000. estimated salvage value of $ 12.000. and estimated useful life of five years.(a) What is the depreciation for the first three tax years, assuming that the asset was placed in service at the beginning of the year?(b) If switching to the straight-line method is allowed, when is the optimal time to switch?
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