Kansas Enterprises purchased equipment for $81,000 on January 1, 2021. The equipment is expected to have a five-year life, with a residual value of $8,400 at the end of five years. Using the double-declining balance method, the book value at December 31, 2022, would be: (Do not round your intermediate calculations)

Book value 2022= $55,176

Explanation:

Giving the following information:

Kansas Enterprises purchased equipment for $81,000 on January 1, 2021. The equipment is expected to have a five-year life, with a residual value of $8,400 at the end of five years.

We need to calculate the accumulated depreciation for two years. Then, we deduct it from the book value on January 1, 2021.

Using the double-declining balance method of depreciation, we need to use the following formula for each year:

Annual depreciation= 2*[(book value)/estimated life (years)]

2021= [(81,000 - 8,400)/5]*2= 29,040

2022= [(72,600 - 29,040)/5]*2= 17,424

Book value 2022= 72,600 - 17,424= $55,176

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