If an asset costs $35,000,has a residual value of $3,000,and has a useful life of five years,the entry to record depreciation in the second year,using the double-declining-balance method,is:

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The double-declining-balance method calculates depreciation expense as a percentage of the asset's book value, which is the asset's cost minus accumulated depreciation. The percentage used is twice the straight-line depreciation rate, which is calculated as (1 / useful life) * 100%. In this case, the straight-line depreciation rate is (1 / 5) * 100% = 20%. The double-declining-balance depreciation rate is therefore 2 * 20% = 40%.The book value of the asset at the beginning of the second year is $35,000 - $8,400 = $26,600. The depreciation expense for the second year is therefore $26,600 * 40% = $8,400. The entry to record this depreciation expense is:Depreciation Expense - Asset 8,400Accumulated Depreciation - Asset 8,400

If an Asset Costs $35,000,has a Residual Value of $3,000,and