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What is the book value of the equipment as of December

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Question - On January 1, year 1, ABC. Ltd. purchased a piece of equipment for $350000 plus installation costs of $45000 that were necessary to make the equipment operational. ABC Ltd. uses the double declining balance method. The piece of equipment is expected to have a useful life of 20 years at which time it will have a residual value of $40000. What is the book value of the equipment as of December 31, year 3?

Reference no: EM133070265

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