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Maples Unlimited bought a machine at the beginning of the year at a cost of $18,000. The estimated useful life was five years and the

Maples Unlimited bought a machine at the beginning of the year at a cost of $18,000. The estimated useful life was five years and the residual value was $2,000.

Required:

  1. Complete a depreciation schedule for the double-declining-balance method.

  2. Prepare the journal entry to record Year 2 depreciation.

Complete a depreciation schedule for the double-declining-balance method. (Do not round intermediate calculations. Round final answers to the nearest whole dollars.)

Year Income Statement Balance Sheet
Depreciation Expense Cost Accumulated Depreciation Book Value
At acquisition
1 $18,000
2 $18,000
3 $18,000
4 $18,000
5 $18,000

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