Double-Declining-Balance Depreciation A building acquired at the beginning of the year at a cost of $108,800 has an estimated residual value of $6,500 and an estimated useful life of four years. Determine the following (a) The double-declining-balance rate X % (b) The double-declining-balance depreciation for the first year $ Feedback Capital and Revenue Expenditures On February 13, Scanlon Co. paid $2,150 to repair the transmission on one of its delivery vans. In addition, Scanlon paid $36 to install a GPS system in its van. Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. February 13 Accumulated Depreciation-Delivery Van Cash Feedback Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. February 13 Delivery Van Cash Feedback Feedback eBook Show Me How Calculator Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $31,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $610. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,280, determine the gain or loss on the sale of the equipment. Loss Feedback C. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment Feedback Feedback