Oriole Company purchased a new van for floral deliveries on January 1, 2022. The van cost $60000 with an estimated life of 10 years and $12000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the depreciation expense for 2022? O $12000. O $6000. O $4800. $9600.
Oriole Company purchased a new van for floral deliveries on January 1, 2022. The van cost $60000 with an estimated life of 10 years and $12000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the depreciation expense for 2022? O $12000. O $6000. O $4800. $9600.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Oriole Company purchased a new van for floral deliveries on January 1, 2022. The van cost $60000 with an estimated life of 10 years
and $12000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the
depreciation expense for 2022?
$12000.
O $6000.
O $4800.
O $9600.
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