Machinery was purchased on January 1 for $51,000 The machinery has an estimated life of 7 years and an estimated salvage value of $9,000 Double declining balance depreciation for the second year would be (round calculations to the nearest dollar) A $10,929 B $10,408 C $10,500 D $6,000 ...

B 10408 Depreciation rate under Doubl ...

Machinery was purchased on January 1 for $51,000. The machinery has an estimated life of 7 years

Question:

Machinery was purchased on January 1 for $51,000. The machinery has an estimated life of 7 years and an estimated of $9,000. Double-declining-balance depreciation for the second year would be (round calculations to the nearest dollar):
A. $10,929
B. $10,408
C. $10,500
D. $6,000
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...