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What is the carrying value of the equipment at december

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Reference no: EM132996021

Problem - Ariel's Treasures Limited purchased a piece of equipment on January 1, 2020 for $56,000. The equipment is expected to have a 4 year useful life and an $4,000 residual value. Ariel's has a December 31, 2020 year-end.

Required -

1. Compute the depreciation for 2020, 2021, 2022 & 2023 using:

(a) the straight line method

(b) the double-declining balance method

2. What is the carrying value of the equipment at December 31, 2023 under both methods?

Reference no: EM132996021

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