Double Declining Balance Depreciation |
Straight Line Method |
||||||
Year 1 | Year 2 | Year 3 | Year 1 | Year 2 | Year 3 | ||
Beginning Value | $35,0000 | $35,000 | $25,000 | $15,000 | |||
Depreciation Expense | $10,000 | $10,000 | $10,000 | ||||
Ending Value | $25,000 | $15,000 | $5,000 | ||||
Assumptions | |||||||
Useful Life (year) | 3 | ||||||
Residual (salvage) Value | $5,000 | ||||||
SLM Rate | 33% |
I need some assistance to make sure the calculations I have for the Double Declining Depreciation Method are Correct
Beginning Value = 35,000
Salvage Value = $5,000
Useful life (Year) = 3
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Next Journalize the purchase of the truck, the first year's
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Here's the data:
Purchased on January 1, 2012 for $13,000. Has an
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Useful life of 5 years or 100,000 miles.
Sold on December 31st, 2013
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