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Turtle Co. purchased equipment on January 2, Year 1, for $50,000. The equipment had an estimated five-year service life. Turtle's policy for five-year assets is to use the 200% double-declining depreciation method for the first two years of the asset's life, and then switch to the straight-line depreciation method. In its December 31, Year 3, balance sheet, what amount should Turtle report as accumulated depreciation for equipment?
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