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On January 1, Year 1, Jing Company purchased office equipment that cost $38,000 cash. The...

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Accounting

On January 1, Year 1, Jing Company purchased office equipment that cost $38,000 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $2,800. The equipment had a five-year useful life and a $12,800 expected salvage value. Assuming the company uses the double-declining-balance depreciation method, what are the amounts of depreciation expense and book value, respectively, that would be reported in the financial statements prepared as of December 31, Year 3

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