I need this done asap. Please help me solve this. Thanks. Due in 1 hour.
Solution a:
Depreciable cost = Cost - Salvage value = $60,000 - $4,000 = $56,000
Useful life = 10 years
Annual depreciation - SLM = $56,000 / 10 = $5,600
Depreciation for year 1 = $5,600*8/12 = $3,733
Depreciation for year 2 = $5,600
Solution b:
Straight line rate = 1/10 = 10%
DDB rate = 10%*2 = 20%
Depreciation for year 1 using DDB = $60,000 * 20%*8/12 = $8,000
Depreciation for year 2 using DDB = ($60,000 - $8,000) * 20% = $10,400
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