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Question 1 - Garrison Corporation purchased a depreciable asset for $420,000 on January 1, 2015. The estimated salvage value is $42,000, and the estimated total useful life is 9 years. The straight-line method is used for depreciation. On January 1, 2018, Garrison changed its estimates to a useful life of 5 years from its original purchase date with a salvage value of $70,000. What is the 2018 depreciation expense?
a. $42,000
b. $70,000
c. $112,000
d. $126,000
e. $132,000
Question 2 - Rye Co. purchased a machine with a five year estimated useful life and an estimated 10% salvage value for $100,000 on January 1, 2017. In its income statement, what would Rye report as the depreciation expense for 2018 using the double-declining-balance method?
a. $9,000
b. $21,600
c. $24,000
d. $20,000
e. $40,000
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