Frito Inc. acquired equipment on January 1, 2020, at a cost of $16,000 that is estimated to have a useful life of five years and a residual value of $4,000.

Required

Prepare a depreciation schedule showing annual depreciation expense and year-end accumulated depreciation and book value over the life of the asset using the Double-declining-balance method.

Double-Declining-Balance Depreciation Method

	For the Period	End of Period
Reporting Period	Depreciation Expense	Accumulated Depreciation	Book Value
Jan. 1, 2020
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2024