Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, year 1, abc. ltd. purchased a piece

On January 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 200000...

90.2K

Verified Solution

Question

Accounting

On January 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 200000 plus installation costs of $ 70000 that were necessary to make the equipment operational. ABC. Ltd. uses the double declining balance method. The piece of equipment is expected to have a useful life of 12 years at which time it will have a residual value of $ 20000. What is the book value of the equipment as of December 31, year 3. Round any value to two decimal places in intermediate steps and round your final answer to the nearest dollar.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Use synthetic division to divide (-3x3-4x4− 20 − 2?) ÷ (? + 2). Write your answer in...

Basic Math
Q

Apply the principles of System Engineering to a real-world situation. Select an engineering opportunity. Frame the...

Mechanical Engineering
Q

Given a wall that is 36 feet long and 8 feet high calculate the heat loss...

Mechanical Engineering
Q

A bridge is supported by triangular braces If the sides of each brace have lengths...

Calculus
Q

Ages Number of students 15 18 19 22 23 26 27 30 31 34 35...

Algebra
Q

Find the domain of the following function g x 8 4 x The domain is...

Algebra
Q

Off-Balance Sheet financing (OBSF) is not a cost free practice. Discuss the following: Corporate...

Accounting
Q

Susie's Sweet Shop has the following sales, payroll, and property factors: What are Susie's Sweet...

Accounting
Q

this is all the info i have been given :( pls make assumptions...

Accounting
Q

Property transferred to someone to have them hold the property is

Accounting
Q

Bovine Company, a wholesale distributor of umbrellas, has been experiencing losses for some time, as...

Accounting
Q

The Anderson Company has a maximum production capacity of 50,000 units per year. For that...

Accounting