On September 1, 2020, Muzeen Machine Co. purchased a piece of equipment which cost $68,900, has a $4,900 residual value, and an 8-year useful life. The company has a fiscal year end of August 31.
Instructions
Calculate the depreciation expense for year one under
a) Straight-line,
b) Double-declining-balance.

Question

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The Answer of On September 1, 2020, Muzeen Machine Co. purchased a piece of equipment which cost $68,900, has a $4,900 residual value, and an 8-year useful life. The company has a fiscal year end of August 31.
Instructions
Calculate the depreciation expense for year one under
a) Straight-line,
b) Double-declining-balance.