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Complete the following depreciation table using the declining-balance method (twice straight-line rate). Auto: $26,000                         Estimated life: 10 years           Residual value: $600 End of             Cost of        ...

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Finance

Complete the following depreciation table using thedeclining-balance method (twice straight-linerate).

Auto:$26,000                        Estimated life: 10years          Residual value: $600

Endof            Cost of         Acc.depr.       Bookvalue      AnnualDepr.        Acc. depr.    Book value

Year               asset            B.O.Y            B.O.Y.           Expense                E.O.Y.         E.O.Y.

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Answer & Explanation Solved by verified expert
4.1 Ratings (861 Votes)

Double Declining Balance Method
Cost of Assets $       26,000.00
Salvage Value $             600.00
Estimated Useful life 10 Years
Depreciation Rate= (1/useful life)*200%
Depreciation Rate= 0.1
Double Declining Rate 0.2
Double Declining Rate 20.00%
(A)=(C )*20% (B) (C )
Year Cost Depreciation Rate Depreciation Accumulated Depreciation Book Value
1 $                                                                                                26,000.00 20.00% $                 5,200.00 $                     5,200.00 $                               20,800.00
2 20.00% $                 4,160.00 $                     9,360.00 $                               16,640.00
3 20.00% $                 3,328.00 $                   12,688.00 $                               13,312.00
4 20.00% $                 2,662.40 $                   15,350.40 $                               10,649.60
5 20.00% $                 2,129.92 $                   17,480.32 $                                 8,519.68
6 20.00% $                 1,703.94 $                   19,184.26 $                                 6,815.74
7 20.00% $                 1,363.15 $                   20,547.40 $                                 5,452.60
8 20.00% $                 1,090.52 $                   21,637.92 $                                 4,362.08
9 20.00% $                    872.42 $                   22,510.34 $                                 3,489.66
10 20.00% $                    697.93 $                   23,208.27 $                                 2,791.73

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Transcribed Image Text

Complete the following depreciation table using thedeclining-balance method (twice straight-linerate).Auto:$26,000                        Estimated life: 10years          Residual value: $600Endof            Cost of         Acc.depr.       Bookvalue      AnnualDepr.        Acc. depr.    Book valueYear               asset            B.O.Y            B.O.Y.           Expense                E.O.Y.         E.O.Y.1                     234567891011

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