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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:QUESTION 1
The cost of an asset is $1,070,000, and its residual value is $220,000. Estimated useful life of the asset is ten years. Calculate depreciation for the first year using the
double-declining-balance method of depreciation. (Do not round any intermediate calculations, and round your final answer to the nearest doltar.)
$107,000
$85,000
$170,000
$214,000
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