Edge Design Corp. purchased new equipment on June 1, 20X1, for $428,000 with an assumed residual value of $55,000. The equipment's useful life is estimated to be 8 years or 60,000 hours of use. The equipment's usage in 20X1 is 6,000 hours, in 20X2 is 12,000 hours, and in 20X3 is 11,000 hours. What is the accumulated depreciation after the 20X3 adjustment if the double-declining-balance method is used? Please round all amounts to the nearest dollar and any rates to the nearest penny.

Answer rating: 100% (QA)

To calculate the accumulated depreciation using the doubledecliningbalance method we need to determi... View the full answer