On January 1, 2022, ABC Ltd. purchased a machine for $100,000 with a useful life of 10 years and a residual value of $5,000. The company uses the straight-line method of depreciation. On December 31, 2022, the company decided to change its depreciation method from straight-line to double-declining-balance.

a) Calculate the depreciation expense for the year ended December 31, 2022, using the straight-line method.
b) Calculate the carrying value of the machine as of December 31, 2022, using the straight-line method.
c) Calculate the accumulated depreciation as of December 31, 2022, using the double-declining-balance method.
d) Calculate the depreciation expense for the year ended December 31, 2022, using the double-declining-balance method.
e) What is the carrying value of the machine as of December 31, 2022, using the double-declining-balance method?

Answer rating: 100% (QA)

The detailed answer for the above question is provided below a To calculate the depreciation expense for the year ended December 31 2022 using the straightline method we need to use the following form... View the full answer