please answer within the next 30 minutes!!! thank you!
consider the following data on an asset. Cost of asset I=$1,000. Useful life, N=5 years, Salvage value, S=$80, what is the depreciation amount in year 3 using the double-declining balance (DBB) depreciation method(multiplier 2)?
Depreciation Rate=(1/useful life)*100
=(1/5)*100
=20%
double declining formula= 2*Cost of assets * Depreciation Rate
so, Double declining Rate will be 2* 20% = 40%.
now year 1 Depreciation = 1000*40%
= $400
now Book Value for year 2 is = 1000-400 = 600.
now year 2 depreciation= 600*40%
=$240.
now book value for year 3 is = 600-240 =360.
now year 3 depreciation= 360*40%
=$144.
so in year 3 Depreciation amount is $144.
please answer within the next 30 minutes!!! thank you! consider the following data on an asset....
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