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On January 2, 2019, Kornis Corporation acquired equipment for $300,000. The estimated life of the...

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Verified Solution

Question

Accounting

On January 2, 2019, Kornis Corporation acquired equipment for

$300,000.

The estimated life of the equipment is 5 years or

70,000

hours. The estimated residual value is

$30,000.

What is the balance in Accumulated Depreciation on December 31, 2019, if Kornis Corporation uses the

doubledecliningbalance

method of depreciation?

Answer & Explanation Solved by verified expert
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