Calculate the depreciation for fiscal year

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Reference no: EM13141333

Reading Corp. purchased a new lithographic equipment at a cost of $160,000 at the beginning of a fiscal year. The equipment has a straight line depreciation useful life of 8 years and an estimated residual value of $23,000.

Instructions:

Calculate the depreciation for each fiscal year using the declining-balance method at twice the rate of straight line depreciation.

Reference no: EM13141333

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