Apex Chemicals Company acquires a delivery truck at a cost of $31,000 on January 1, 2012

Apex Chemicals Company acquires a delivery truck at a cost of $31,000 on January 1, 2012. The truck is expected to have a salvage value of $4,000 at the end of its 5-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate,

Required:

Compute annual depreciation for the first and second years under the declining-balance method

 

Order Now