Slotkin Products purchased a machine for $65000 on July 1, 2020. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5000. Depreciation for 2020 to the closest dollar is:. a. $32500 b. $8125
c. $14219
d. $16250

Depreciation for 2020 to the closest dollar is:_b. $8125

Explanation:

Straight-line depreciation rate  is given as = 1 / Useful life

1 / 8  = 0.1250 or 12.50%

Also the Double-declining-balance depreciation rate = 2 x  Straight-line depreciation rate  = 2  x 12.50%

Double-declining-balance depreciation rate = 25%

Given That the

Cost of Machine = $65,000

Depreciation for 2020 =  Cost of machine x depreciation rate x period ( July - December

$65,000  x 25 % x  6/12

= $8,125

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