A machine costing $40,000 was purchased on January 1,2019.It has an estimated useful life of 5 years and a salvage value of $5,000.
Required:
1.Calculate depreciation expense for 2019 and 2020 using (a)straight-line rate,and (b)double-declining-balance method.
2.Determine the book value of the machine at December 31,2020 under the (a)straight-line method and (b)double-declining-balance method.

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The Answer of A machine costing $40,000 was purchased on January 1,2019.It has an estimated useful life of 5 years and a salvage value of $5,000.
Required:
1.Calculate depreciation expense for 2019 and 2020 using (a)straight-line rate,and (b)double-declining-balance method.
2.Determine the book value of the machine at December 31,2020 under the (a)straight-line method and (b)double-declining-balance method.

A Machine Costing $40,000 Was Purchased on January 1,2019