8. Long Lived Assets
Depreciation: Declining Balance
Multiple Choice
Multiple ChoiceDBQ Company purchased a machine on January 1, Year 1 for $60,000. The company estimated a five year useful life and $8,000 residual value. If the company uses the double-declining-balance method for depreciation, what will be the amount of accumulated depreciation on December 31, Year 2?
A
$33,280
B
$38,400
C
$41,600
D
$48,000
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