A plant asset acquired on October 1, 2019, at a cost of $400,000 has an estimated useful life of 10 years. The residual value is estimated to be $30,000 at the end of the asset's useful life.
Determine the depreciation expense for the first two years using the:
(a) straight-line method
(b) diminishing balance method (where the constant rate is 23%).

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The Answer of A plant asset acquired on October 1, 2019, at a cost of $400,000 has an estimated useful life of 10 years. The residual value is estimated to be $30,000 at the end of the asset's useful life.
Determine the depreciation expense for the first two years using the:
(a) straight-line method
(b) diminishing balance method (where the constant rate is 23%).

A Plant Asset Acquired on October 1, 2019, at a Cost