You purchased a molding machine at a cost of $88,000. It has an estimated useful life of 12 years with a salvage value of $8,000. Determine the following: (a) The amount of annual depreciation computed by the straight-line method. (b) The amount of depreciation for the third year computed by using the double declining-balance method.

You purchased a molding machine at a cost of $88,000. It has an estimated useful life of 12 years with a salvage value of $8,000. Determine the following:
(a) The amount of annual depreciation computed by the straight-line method.

(b) The amount of depreciation for the third year computed by using the double declining-balance method.

 

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