Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building...
Warren Company plans to depreciate a new building using the
double declining-balance depreciation method. The building cost is
$700,000. The estimated residual value of the building is $40,000
and it has an expected useful life of 10 years.
What is the building’s book value at the end of the first year?
Homework Answers
Double declining rate = 200/Useful life = 200/10 = 20%
Depreciation expense for first year = 700,000*20% = 140,000
Book value = Cost - Depreciation expense for the first year
= 700,000 - 140,000
= 560,000
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