Moreno Company purchased equipment for $900,000 on January 1, 2020, and will use the double-declining-balance method of depreciation.It is estimated that the equipment will have a 3-year life and a $40,000 salvage value at the end of its useful life.The amount of depreciation expense recognized in the year 2022 will be

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By 2022, the equipment will be fully depreciated since the double-declining-balance method accelerates depreciation. The depreciation for 2022 will be the remaining book value minus the salvage value, which is $60,000.

Moreno Company Purchased Equipment for $900,000 on January 1, 2020