On January 2, 2019, Kornis Corporation acquired equipment for $ 800,000. The estimated life of the...
On January 2, 2019, Kornis Corporation acquired equipment for $ 800,000. The estimated life of the equipment is 5 years or 60,000 hours. The estimated residual value is $ 40,000. What is the balance in Accumulated Depreciation on December 31, 2019, if Kornis Corporation uses the double-declining-balance method of depreciation?
A. $160,000
B. $320,000
C. $152,000
D. $304,000
Homework Answers
B. $320,000
Depreciation rate = 100%/5 × 2 = 40%
Depreciation for year 2019 = $800,000 × 40% =$320,000
Accumulated Depreciation on December 31, 2019 = $320,000
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On January 2, 2019, Kornis Corporation acquired equipment for $
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