Homework Answers
B. $62,640
Double declining depreciation rate = (100%/5) × 2 = 40%
First year depreciation = $116,000 × 0.40 × 3/12 = $11,600
Book value on December 31, Year 1 = $116,000 - $11,600 = $104,400
Second year depreciation = $104,400 × 0.40 = $41,760
Book value on December 31, Year 2 = $104,400 - $41,760 = $62,640
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