Florence, Inc.purchased equipment at the beginning of 2016 for $140,000.The company decided to depreciate the equipment over a 10-year period using the double-declining-balance method.The company estimated the equipment's salvage value at $12,000.Show how the costs should be presented on Florence's financial statements at December 31, 2017.Label the statements properly.

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The Answer of Florence, Inc.purchased equipment at the beginning of 2016 for $140,000.The company decided to depreciate the equipment over a 10-year period using the double-declining-balance method.The company estimated the equipment's salvage value at $12,000.Show how the costs should be presented on Florence's financial statements at December 31, 2017.Label the statements properly.