Good Burger purchased a piece of equipment costing $70,000 o…
Good Burger purchased a piece of equipment costing $70,000 on January 1 of a prior year. Management estimated that it had a salvage value of $15,000 and a useful life of 5 years. If the Pub uses the Declining Balance method to depreciate its equipment, the amount of depreciation expense that would be reported in year 1 would be [exp1], and the net book value immediately after reporting this expense would be [NBV1]? Declining Balance Depreciation: 2 x Straight Line Rate x Net Book Value
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