Chipotle purchases kitchen equipment for $200,000 on 1/1/23. Chipotle estimates that the equipment has a useful life of 8 years and a $20,000 residual value. Assume that Chipotle calculates depreciation using the DOUBLE-DECLINING BALANCE method. Accumulated Depreciation will be $_______ as of 12/31/24 (i.e., after two years), and 2024 Depreciation Expense will be $_______. Question 10 options: 12/31/24 Accumulated Depreciation = $78,750; 2024 Depreciation Expense = $33,750 12/31/24 Accumulated Depreciation = $87,500; 2024 Depreciation Expense = $37,500 12/31/24 Accumulated Depreciation = $50,000; 2024 Depreciation Expense = $50,000 12/31/24 Accumulated Depreciation = $45,000; 2024 Depreciation Expense = $22,500

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Answer To calculate depreciation using the doubledeclining balance method we need to follow these st... View the full answer