Seneca Valley owns a machine that it purchased on Jan 1,2016 for $600,000.The machine had an estimated useful life of 10 years and an estimated residual value of $100,000.The company uses the double-declining balance method.The machine was sold on December 31,2018 for $140,000.What is the depreciation rate for 2016?
A) 10%
B) 20%
C) 40%
D) Any of the above can be used.
Correct Answer:
Verified
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