QGetty$/$moges$//$Stoctphoto$/$Sharon Meredith

Knowledge Check $01$

On January $1,2020,$ Truesdale, Incorporated, purchased a piece of machinery for use in operations. The total acquisition cost was $$33,000.$ The machine has an estimated useful life of $3$ years and a salvage value of $$3,000.$

Using the double$-$declining balance method, depreciation for $2020$ is approximately

$$10,000$

$$11,000$

$$20,000$

$$22,000$