need double-declining balance method for

2020

will rate

Splish Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May Price $125,800 Credit terms 2/10,n/30 Freight-in $ 1.184 $5,624 Preparation and installation costs Labor costs during regular production operations $15,540 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Splish intends to use the machine for only 8 years, however, after which it expects to be able to sell it for $2,220. The invoice for Machine #201 was paid May 5, 2020. Splish uses the calendar year as the basis for the preparation of financial statements, (a) Your answer is partially correct. Compute the depreciation expense for the years indicated using the following methods. Depreciation Expense (1) Straight-line method for 2020 $ 10656 (2) Sum-of-the-years-digits method for 2021 $ 26048 (3) Double-declining balance method for 2020 $