Turtle Company purchased equipment on January 2, 2006 for $50,000. The equipment had an estimated five-year service life. Turtle’s policy for five-year assets is to use double-declining balance depreciation for the first two years of the asset’s life and then to switch to the straightline depreciation method.
Required:
In its December 31, 2008 balance sheet, what amount should Turtle report as accumulated depreciation for equipment?