Turtle Co. purchased equipment on January 2, 20x1, for ₱50,000. The equipment had an estimated five-year service life. Turtle’s policy for five-year assets is to use the 200% doubledeclining depreciation method for the first two years of the asset’s life, and then switch to the straight-line depreciation method. In its December 31, 20x3 balance sheet, what amount should Turtle report as accumulated depreciation for equipment?30,000 c. 39,20038,000 d. 42,000

Depreciation expense is related to the drop in the value of an asset periodically because of the…

Answered: Turtle Co. purchased equipment on…

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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Turtle Co. purchased equipment on January 2, 20x1, for ₱50,000. The equipment had an estimated five-year service life. Turtle’s policy for five-year assets is to use the 200% doubledeclining depreciation method for the first two years of the asset’s life, and then switch to the straight-line depreciation method. In its December 31, 20x3 balance sheet, what amount should Turtle report as accumulated depreciation for equipment?
1. 30,000 c. 39,200
2. 38,000 d. 42,000

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