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Company G purchased equipment for $80,000 cash on January 1, 2023. The equipment has a useful life of 8 years and an estimated salvage value
ยท Company G purchased equipment for $80,000 cash on January 1, 2023. The equipment has a useful life of 8 years and an estimated salvage value of $8,000. Calculate the depreciation expense for the year ended December 31, 2023, using the double-declining balance method. Assume Company G uses a half-year convention for depreciation. Also, calculate the carrying amount of the equipment at the end of 2023. Company G reported a net income of $400,000 for the year.
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