On January 1, 2013, Rubin Company purchased a new machine for $3,525,000. The new machine has an estimated useful life of nine years and the residual value was estimated to be $150,000. Amortization expense was computed on the double-declining balance method. What amount should be shown in Rubin's balance sheet at December 31, 2014, net of accumulated amortization, for this machine?

Question

Quizplus · Accepted Answer

The Answer of On January 1, 2013, Rubin Company purchased a new machine for $3,525,000. The new machine has an estimated useful life of nine years and the residual value was estimated to be $150,000. Amortization expense was computed on the double-declining balance method. What amount should be shown in Rubin's balance sheet at December 31, 2014, net of accumulated amortization, for this machine?

On January 1, 2013, Rubin Company Purchased a New Machine