A secondhand bulldozer acquired at the beginning of the fiscal year at a cost of $56,000 has

Question:

A secondhand bulldozer acquired at the beginning of the fiscal year at a cost of $56,000 has an estimated of $6,500 and an estimated useful life of 12 years. Determine the following.
(a) The amount of annual depreciation by the straight-line method.
(b) The amount of depreciation for the third year, computed by the double-declining balance method.
Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...