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06-02-2020
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Equipment with an estimated useful life of 4 years and an estimated residual value of $1,000 is acquired at a cost of $12,000. Using the double-declining-balance method, what is the amount of depreciation for the first year of use of the equipment?

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07-02-2020

Answer:

$6,000

Explanation:

Depreciation expense using the double declining method = Depreciation factor × cost of asset

Deprecation factor = 2 × (1/useful life of asset) = 2/4 = 0.5

Depreciation expense = 0.5 × $12,000 = $6,000

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