On January 2,2016,McNally's Extra Corporation acquired equipment for $120,000.The estimated life of the equipment is 5 years or 20,000 hours.The estimated residual value is $20,000.What is the balance in Accumulated Depreciation on December 31,2017,if McNally's Extra Corporation uses the double-declining-balance method of depreciation?
A) $23,200
B) $36,000
C) $43,200
D) $76,800
Correct Answer:
Verified
Q45: Carrying amount is defined as:
A) cost less
Q46: Depreciable cost is defined as:
A) book value
B)
Q47: Depreciation computed under double-declining-balance will decrease each
Q48: The double-declining-balance method of depreciation causes:
A) less
Q49: On January 2,2016 McNally's Extra Corporation acquired
Q51: At the end of an asset's useful
Q52: When using the double-declining-balance depreciation method,the asset's
Q53: Double-declining-balance depreciation computes annual depreciation by multiplying
Q54: For each of the independent situations below,determine
Q55: Explain the concept of depreciation.Include in your
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents