XYZ Enterprises purchased equipment for $140,000 on July 1, 2013. The equipment is expected to have a four-year life and a residual value of $20,000. Using the double-declining balance method, the net book value of XYZ's equipment on December 31, 2014, would be (omit $ and , in the answer):

XYZ Enterprises purchased equipment for $140,000 on July 1, 2013. The equipment is expected to have a four-year life and a residual value of $20,000. Using the double-declining balance method, the net book value of XYZ's equipment on December 31, 2014, would be (omit $ and , in the answer):

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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Question

XYZ Enterprises purchased equipment for $140,000 on July 1, 2013. The
equipment is expected to have a four-year life and a residual value of $20,000.
Using the double-declining balance method, the net book value of XYZ's
equipment on December 31, 2014, would be (omit $ and , in the answer):

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