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$4$

Brief Exercise $8-3($Algo$)$ Depreciation expense and accumulated depreciation using the double$-$declining$-$balance method LO $8-3$

$1\mathrm{.}5$ points

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Explore Incorporated is a new start$-$up specializing in renting camper vans. On January $1,$ Year $1,$ the company purchased a new camper van with a total cost of $$88,000.$ The company estimates that the van will have a $10$ year useful life and a salvage value of $$11,500.$ The company has elected to depreciate the van using the double$-$declining$-$balance method.

Required

a$.$ Determine the amount of depreciation expense to be recognized on the van at the end of Year $?$

b$.$ Determine the amount of accumulated depreciation at the end of Year $2.$

$\backslash$table$[[$a$.$ Depreciation at the end of Year $1],[$b$.$ Accumulated depreciation$]]$