Farr Company purchased a new van for floral deliveries on January 1, 2021. The van cost $56,000 and has an estimated life of five years and $14,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the balance of the Accumulated Depreciation account at the end of 2022?
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nursolangi 6 months ago
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Answer:

$15,120

Explanation:

Dec 2021 Depreciation ($56,000 - $14000) / 5 = $8400

Dec 2022 Depreciation ($56,000-$8400 - $14000) / 5 = $6720

Accumulated Depreciation = $8400 + $6720 = $15,120

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