Question
A building was purchased on January 1, 2020, for 1,800,000. It was estimated that the building would have a $240,000 salvage value at the end
A building was purchased on January 1, 2020, for 1,800,000. It was estimated that the building would have a $240,000 salvage value at the end of its 15-year useful life. Depreciation is taken at twice the straight-line rate (double-decline balance method). (Round to two decimal places)
Calculate the depreciation expense for 2022.
In blank 1 show the double declining rate. (as a percentage to two decimal places)
In blank 2 show the calculation for the depreciation expense for 2020.
In blank 3 show the calculation for the depreciation expense for 2021
In blank 4 show the calculation for the depreciation expense for 2022
In blank 5 show your final answer for the depreciation expense for 2022.
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