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Lime Co. purchased a machinery at the beginning of 2018. The machinery has a cost...

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Accounting

Lime Co. purchased a machinery at the beginning of 2018. The machinery has a cost of $37,000, an estimated life of 5 years, and an estimated residual value of $7,000. A full year's depreciation expense is to be recorded in 2018. By what amount would double-declining-balance depreciation exceed straight-line depreciation over the five-year life of the machinery?

Select one:

a. $0

b. $6,000

c. $7,000

d. $37,000

e. Cannot be determined based on information given.

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