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Vehicles acquired on June 8, 2022 at a cost of $382,500 has an estimated useful life of 5 years. The residual value is estimated
Vehicles acquired on June 8, 2022 at a cost of $382,500 has an estimated useful life of 5 years. The residual value is estimated to be $35,000 at the end of the vehicles' useful life. The company has a December 31 year end and uses the nearest whole month method to prorate depreciation. REQUIRED: Calculate the depreciation expense for 2022 and 2023 using the double diminishing- balance method.
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