Equipment was purchased for $150,000 on July 1, 2020. Freight charges amounted to $7,000 and there was a cost of $20,000 for building a foundation and installing the equipment which was finally ready to use on October 1, 2020. It is estimated that the equipment will have a $0 salvage value at the end of its 5-year useful life. Depreciation expense for 2020 and 2021 using the double-declining balance method will be Group of answer choices $15,000 and $54,000 $15,700 and $56,520 $17,700 and $63,720 $17,000 and $61,200

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Equipment was purchased for $150,000 on July 1, 2020. Freight charges amounted to $7,000 and there was a cost of $20,000 for building a foundation and installing the equipment which was finally ready to use on October 1, 2020. It is estimated that the equipment will have a $0 salvage value at the end of its 5-year useful life. Depreciation expense for 2020 and 2021 using the double-declining balance method will be

Group of answer choices
$15,000 and $54,000
$15,700 and $56,520
$17,700 and $63,720
$17,000 and $61,200
 
 
 
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