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McDonald's Corporation purchased equipment for $100,000 on January 1, 2024. The equipment has an estimated useful life of 8 years and a salvage value of
McDonald's Corporation purchased equipment for $100,000 on January 1, 2024. The equipment has an estimated useful life of 8 years and a salvage value of $10,000. Calculate the depreciation expense for the year ended December 31, 2024, using the double-declining balance method.
Requirements:
- Calculate the depreciation expense for the first year using the double-declining balance method.
- Provide the journal entry to record the depreciation expense for 2024.
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