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Equipment acquired at the beginning of the year at a cost of $280,000 has an...

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Accounting

Equipment acquired at the beginning of the year at a cost of $280,000 has an estimated residual value of $45,000 and an estimated useful life of 16 years.

Determine: (a) the double-declining-balance rate,

(b) the double-declining-balance depreciation for the first year,

(c) the journal entry to record the first years depreciation,

(d) the book value at the end of the first year,

(e) explain the advantages double-declining- balance may have over straight line in depreciating assets.

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