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Calculate depreciation expense by each of double-declining

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Reference no: EM132775401

Lions Inc. acquired five identical vehicles that cost a total of $500,000 on June 1, 2019. Their estimated residual value is $31,250 and expected life is six years. The company has a December 31 year end.

Instructions

Problem 1: Calculate the depreciation expense by each of the following methods:

  1. Straight-line for 2019 and 2020;
  2. Double-declining-balance for 2019 and 2020.

Reference no: EM132775401

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