Kingbird Company purchases equipment on January 1, Year 1, at a cost of $594,000. The asset is expected to have a service life of 12 years and a salvage value of $53,460.
PART 3
Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method. (Round depreciation rate to 2 decimal places, e.g. 15.84%. Round answers to 0 decimal places, e.g. 45,892.)
Depreciation for Year 1: $enter a dollar amount rounded to 0 decimal places
Depreciation for Year 2: $enter a dollar amount rounded to 0 decimal places
Depreciation for Year 3: $enter a dollar amount rounded to 0 decimal places