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On January 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 240000 plus installation costs of $ 65000 that were necessary to

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On January 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 240000 plus installation costs of $ 65000 that were necessary to make the equipment operational. ABC. Ltd. uses the double declining balance method. The piece of equipment is expected to have a useful life of 16 years at which time it will have a residual value of $ 30000. What is the book value of the equipment as of December 31, year 2. Round your answer to the nearest dollar. Your Answer: Answer On April 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 240000 plus installation costs of $ 70000 that were necessary to make the equipment operational ABC. Ltd. has a December 31, fiscal year end and uses the straight line depreciation method. The piece of equipment is expected to have a useful life of 10 years at which time it will have a residual value of $ 20000. What is the book value of the equipment as of December 31, year 5. Round your answer to the nearest dollar. Your

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