On January 1, Year 1, Phillips Company made a basket purchase including land, a building and equipment for $1,075,000. The appraised values of the assets are $76,000 for the land, $1,040,000 for the building and $224,000 for equipment. Phillips uses the double-declining-balance method for the equipment which is estimated to have a useful life of four years and a salvage value of $10,000. What is the depreciation expense for the equipment for Year 1? (Round your intermediate calculations to 4 decimal places.)

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The Answer of On January 1, Year 1, Phillips Company made a basket purchase including land, a building and equipment for $1,075,000. The appraised values of the assets are $76,000 for the land, $1,040,000 for the building and $224,000 for equipment. Phillips uses the double-declining-balance method for the equipment which is estimated to have a useful life of four years and a salvage value of $10,000. What is the depreciation expense for the equipment for Year 1? (Round your intermediate calculations to 4 decimal places.)

On January 1, Year 1, Phillips Company Made a Basket