Homework Answers
Ans) Depreciation for first year is $424,000 So Option-D is correct
Working-
Rate of depreciation under straight line = 1÷ Useful life × 100 = 1÷5×100 = 20%
Rate of depreciation under doublet declining method = 2× Rate of depreciation under straight line = 2×20% = 40%
Depreciation for first year = Cost of asset × Rate of depreciation under double declining method = 1,060,000×40% = $424,000.
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