Thomas Enterprises purchased a depreciable asset on October 1, 2008 at a cost of $100,000. The asset

Question:

Thomas Enterprises purchased a depreciable asset on October 1, 2008 at a cost of $100,000. The asset is expected to have a salvage value of $15,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31, 2010 will be:

Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...