Question: Ping Enterprises has a fixed asset with an estimated useful life of five years. The original cost was $152,000, and the estimated residual value is
Ping Enterprises has a fixed asset with an estimated useful life of five years. The original cost was $152,000, and the estimated residual value is $22,000. What is the depreciation of the fixed asset for the period June through December, assuming the company uses sum-of-the-years'-digits to calculate depreciation and the asset was purchased and put into service June 1? For purposes of calculating the depreciation rate, round to the nearest two decimal points (for example, 15.10%)
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