Laurel Enterprises purchased equipment for $72,000 on January 1, 2017. The equipment is expected to have...
Laurel Enterprises purchased equipment for $72,000 on January 1, 2017. The equipment is expected to have a five-year life and a residual value of $6,000. Using this information & the double-declining balance method, depreciation expense for 2017 and the net book value at December 31st, 2017 is:
a. $26,400 & $36,600
b. $26,400 & $45,600
c. $28,800 & $37,200
d. $28,800 & $43,200
PLEASE SHOW WORK
Homework Answers
Annual depreciation rate as per straight line =100/5=20%/year
Hence depreciation as per double decline=2*Annual depreciation rate as per straight line *Beginning value of each period
| Year | Beginning value | Depreciation | Ending value |
| 2017 | 72000 | (2*20%*72000)=$28800 | (72000-28800)=$43200 |
Hence the correct option is D.
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