Solve the following from 1-3 providing step by step solution. Answers must be to the closest cent.
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Solve the following from 1-3 providing step by step solution. Answers must be to the closest cent. Accuracy of 4 significant figures for the results is expected.
An item with a $20,500 purchase price is to be depreciated over 12 years.
- What is the amount of the 2nd year of depreciation using the Straight Line Method?
- What is the amount of the 2nd year of depreciation using the Double Rate Declining Balance Method?
- What is the balance to be forwarded to the 3rd year?
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