Reference no: EM13825457
On January 1, 2015, Paulson Transport Company purchased a ship for $2,000,000. It has a ten-year useful life and a residual value of $50,000. The company uses the double-declining-balance method.
What was the depreciation expense for Paulson Transport for the year ended December 31, 2015?
What was the depreciation expense for Paulson Transport for the year ended December 31, 2016?
If Paulson Transport continues to use the ship in its eleventh year, what is the correct accounting procedure? :
A. Take the asset off the books and record a gain on the disposal
B. Continue to depreciate it
C. The company may not use it any longer
D. No longer depreciate it but leave it on the records at its book value at the end of its useful life
What was the book value of the ship for Paulson Transport at the end of the useful life?
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