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Calculate the equipment net book value at December

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Question - Gandolfi construction Co. purchased a CAT 336DL earth mover at a cost of $ 415.000 in January 2019. The company's estimated useful life of this heavy equipment is 20 years and the estimated salvage value is $ 84.000.

Using the straight-line depreciation, calculate the equipment's net book value at December 31 after the third year of the equipment's life.

Using declining-balance depreciation at twice the straight-line rate, calculate the depreciation expense to be recognized for 2021, the third year of the equipment's life.

Reference no: EM132975953

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