Problem 5 On June 30, 2022, the Echo Corporation (the Company) acquired a piece of equipment for an invoice cost of $60,000. At the time of the purchase, management of the Company estimated the useful life of the equipment to be 10 years with an estimated salvage value of $20,000. Required Using the double declining balance method, calculate depreciation on the equipment for the years 2022 and 2023, only. Page 9 of 9

of $60,000. At the time of the purchase, management of the Compary estimunted the uif ful life of sie equipment to be 10 years with an estimated sivage valie of Stro,000. Required and 2023, only