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A plant asset purchased on January 1st, 2015 for $800,000 has an estimated life of...

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Accounting

A plant asset purchased on January 1st, 2015 for $800,000 has an estimated life of 20 years and a residual value of $23,000.

a) Calculate the depreciation expense for 2017 using the double declining balance.

b) What is the journal entry for the depreciation expense in 2017?

c) Explain why this is the double declining balance.

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