Question: Turtle Co. purchased equipment on January 2, 2008, for $50,000. The equipment had an estimated five-year service life. Turtles policy for five-year assets is to

Turtle Co. purchased equipment on January 2, 2008, for

$50,000. The equipment had an estimated five-year service life. Turtle’s policy for five-year assets is to use the 200%

double-declining depreciation method for the first two years of the asset’s life, and then switch to the straight-line depreciation method. In its December 31, 2010 balance sheet, what amount should Turtle report as accumulated depreciation for equipment?

a. $30,000

b. $38,000

c. $39,200

d. $42,000

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