DEPRECIATION METHODS - Double Declining Balance: 24 Points (note: this is the same asset information as before) On May 1, 2020 Rats Be Gone, Inc purchased equipment for $230,000 that makes rat traps. RBG also paid $2,000 for freight and $8,000 for installation. The equipment is expected to last 5 years and have a salvage value of $30,000. RBG expects the equipment to produce a total of 500,000 rat traps. ***REQUIRED*** 1) Complete a Depreciation Schedule for the cars 2020 - 2024 for the equipment using the Double Declining Balance Method. Your answer should provide Depreciation Exp. Accum Depreciation, and NBV for the equipment for each year relevant. ***REQUIRED*** 2) Show the Balance Sheet Presentation of the asset as of 12/31/2023. This will just be a partial view, you do not need to worry about the other areas of the balance sheet, or the heading. Just the amounts & titles related to this fixed asset. DOUBLE DECLINING BALANCE Refer to the exam for information needed to complete 1) ** REQUIRED* Complete the depreciation schedule using Double Declining Balance Method. Show your work: DDB depr. Rate Year Beg. NBV Depr. Rate Depr. Exp Accum Depr Ending NBV 2) Refer to the exam and answer below D Asset cost = purchase biler for sale I installation 2 Depreation per unit (1240,000-$30,000) / 500.000=31.12. unit year all cost per produced unit 2020 10.42 125000 52500 52500 |187500 clear Me 20210.42 0.42 140000 SBBO0 11300 12800 2022 0.42/120000 50400 161700 / 73300 2023|| 0.4285000 35700/197-400/42600 2024 || 0.4240000 / 16800 2420 3800