The cost of an asset is $1,110,000, and its residual value is $110,000. estimated useful life of the asset is eight years. calculate depreciation for the second year using the double-declining-balance method of depreciation. (do not round any intermediate calculations, and round your final answer to the nearest dollar.)

Year 2= $187,500

Explanation:

Giving the following information:

The cost of an asset is $1,110,000, and its residual value is $110,000. The estimated useful life of the asset is eight years.

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

Year 1= (1,110,000 - 110,000)/8*2= 250,000

Year 2= 750,000/8*2= $187,500

a

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