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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Question: 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

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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