On January 2,2019,Konan Corporation acquired equipment for $900,000.The estimated life of the equipment is 5 years or 100,000 hours.The estimated residual value is $20,000.What is the balance in Accumulated Depreciation on December 31,2020,if Konan Corporation uses the double-declining-balance method of depreciation? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar. )

Question

Quizplus · Accepted Answer

$900,000 × 40% = $360,000
($900,000 - $360,000)× 40% = $216,000
$360,000 + $216,000 = $576,000

On January 2,2019,Konan Corporation Acquired Equipment for $900,000