A building acquired at the beginning of the year at a cost of $112,400 has an estimated residual value of $5,600 and an estimated useful life of four years. Determine the following.

(a)	The double-declining-balance rate		%
(b)	The double-declining-balance depreciation for the first year	$

On February 13, Rocket Co. paid $3,430 to install a hydraulic lift and $59 for an air filter for one of its delivery trucks.

Journalize the entries for the new lift.

February 13

Journalize the entry for air filter expenditures.

February 13