On July 1, 2013, Rankin Co. purchased equipment for $126,000. Residual value was estimated to be $3,500. The equipment will be amortized over 10 years using the double-declining balance method. Counting the year of acquisition as one-half year, calculate the amount Rankin should record as amortization expense for 2014 on this equipment.

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The Answer of On July 1, 2013, Rankin Co. purchased equipment for $126,000. Residual value was estimated to be $3,500. The equipment will be amortized over 10 years using the double-declining balance method. Counting the year of acquisition as one-half year, calculate the amount Rankin should record as amortization expense for 2014 on this equipment.