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QUESTION
On April 1, 2011, Company A purchased an equipment at the cost of $140,000. This equipment is estimated to have 5-year useful life.
On April 1, 2011, Company A purchased an equipment at the cost of $140,000. This equipment is estimated to have 5-year useful life. At the end of the 5th year, the salvage value (residual value) will be $20,000. Company A recognizes depreciation to the nearest whole month. Calculate the depreciation expenses for 2011, 2012 and 2013 using double declining balance depreciation method.
