Bravo Company purchased equipment on October 1, 2016. Bravo paid $60,000 for equipment and paid an additional $500 for shipping and $200 to place the equipment in service. The equipment is expected to have a $6,000 residual value and a 8-year life. Bravo has a December 31 fiscal year end. Using the double-declining balance method, how much is: (Enter only whole dollar values.)

depreciation expense = $3,794

Explanation:

We know,

Under the double-declining balance method, depreciation expense rate = (100% ÷ useful life) × 2

Given,

Useful life = 8 year

Therefore, depreciation expense rate = (100% ÷ 8) × 2 = 25%

Total cost of equipment = Purchase price + Shipping + Installment charge

Total cost of equipment = $60,000 + 500 + 200 = $60,700

Hence, the depreciation expense is for 1 year = $60,700 × 25% = $15,175

Depreciation expense is for 3 months = $15,175 × (3 ÷ 12) = $3,794

answer; the above statement is (true);

the correct answer is - no.

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