On July 1, 2020, Coronado Industries purchased machinery for $248000. Salvage value was estimated to be...
On July 1, 2020, Coronado Industries purchased machinery for
$248000. Salvage value was estimated to be $9500. The machinery
will be depreciated over ten years using the double-declining
balance method. If depreciation is computed on the basis of the
nearest full month, Coronado should record depreciation expense for
2021 on this machinery of of
$39680.
$44640.
$33480.
$45115.
Homework Answers
Double declining rate = 200/Useful life = 200/10 = 20%
Depreciation for first year
= 248,000*20%*6/12 = 24,800
Depreciation for second year
= (248,000-24,800)*20%
= 44,640
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