On january 2, 2019, mumford corporation acquired equipment for $ 70 comma 000. the estimated life of the equipment is 4 years. the estimated residual value is $ 10 comma 000. what is the amount of depreciation expense for 2020, if the company uses the method of depreciation? (round intermediary calculations to two decimal places and your final answer to the nearest dollar.)

depreciation by 2020=$16,800

Explanation:

The expression for the accumulated depreciation is as follows;

accumulated depreciation=Acquisition cost-residual value

where;

acquisition cost=$70,000

residual value=$10,000

replacing;

depreciable cost=70,000-10,000=$60,000

depreciable cost=$60,000

The annual depreciation can be expressed as;

annual depreciation=depreciable cost/estimated life

where;

depreciable cost=$60,000

estimated life=4 years

replacing;

annual depreciation=60,000/4=15,000

annual depreciation=$15,000

depreciation rate=annual depreciation/depreciable cost×100

depreciable rate=(15,000/60,000)×100=25%

Since it is a double-declining depreciation rate we multiple the depreciable rate by 2;

(25%×2)=50%

Depreciation by 2019=carrying value×rate

depreciation by 2019=70,000×40%=$28,000

depreciation by 2020=(70,000-28,000)×40%=$16,800

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