pebble beach company buys a piece of equipment for $24,000. the equipment has a useful life of ten years. no residual value is expected at the end of the useful life. using the double-declining-balance method, what is the company's depreciation expense in the first year of the equipment's useful life?

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04-11-2022
Business

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pebble beach company buys a piece of equipment for $24,000. the equipment has a useful life of ten years. no residual value is expected at the end of the useful life. using the double-declining-balance method, what is the company's depreciation expense in the first year of the equipment's useful life?

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-11-07T12:39:05-05:00

If the equipment has a useful life of ten years. no residual value is expected at the end of the useful life. using the double-declining-balance method, The company's depreciation expense in the first year of the equipment's useful life is: $4800.

How to determine the depreciation expenses?

Using this formula to find or determine the depreciation expenses

Depreciation expense = (Cost − Accumulated depreciation) × (2 ÷ Useful life)

Where:

Cost = $24,000

Accumulated depreciation = $0

Useful life = 10 years

Let plug in the formula

Depreciation expense = ($24,000 − $0) × 2 / 10

Depreciation expense = $24,000 × 2 / 10

Depreciation expense = $48,000 /10

Depreciation expense = $4,800

Therefore we can conclude that the Depreciation expense is the amount of $4,800.

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