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Smith Farms purchases a combine on January 1, 2015 for $50,000. Using the double declining...

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Accounting

Smith Farms purchases a combine on January 1, 2015 for $50,000. Using the double declining balance method for depreciation, a 5 year lifetime and a $5,000 salvage value, what would be the book value of the combine December, 31, 2016? (Please provide an explanation of your answer)

A) $18,000

B) $20,000

C) $22,000

D) $30,000

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