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A plant asset acquired on October 1, 2020, at a cost of $500,000 has an estimated useful life of 10 years. The salvage value is
A plant asset acquired on October 1, 2020, at a cost of $500,000 has an estimated useful life of 10 years. The salvage value is estimated to be $50,000 at the end of the asset's useful life. Determine the depreciation expense and accumulated depreciation for the first two years using:
a. straight-line method
b. double-declining-balance method
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