Lockard Company purchased machinery on January 1, 2014, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 5 years. Calculate depreciation using the double-declining balance method and fill in the following depreciation schedule.
Year Cost Book Value, Beginning Depreciation Expense Accumulated Depreciation Book Value, Ending =Æ© depr exp. =Cost - Accum Depr
1 $80,000 $80,000 [ Select ] ["$40,000", "$36,000", "$32,000", "$16,000"] [ Select ] ["$40,000", "$32,000", "$36,000", "$16,000"] [ Select ] ["$48,000", "$32,000", "$16,000", "$80,000"]
2 $80,000 $48,000 [ Select ] ["$16,200", "$21,400", "$19,200", "$19,800"] [ Select ] ["$32,000", "$48,000", "$16,600", "$51,200"] [ Select ] ["$36,600", "$51,200", "$28,800", "$80,000"]
3 $80,000 $28,800 [ Select ] ["$11,520", "$12,750", "$13,370", "$9,480"] [ Select ] ["$48,720", "$71,880", "$62,720", "$64,580"] [ Select ] ["$19,560", "$18,140", "$17,280", "$14,480"]
4 $80,000 [ Select ] ["$18,800", "$20,580", "$19,450", "$17,280"] [ Select ] ["$6,112", "$6,912", "$7,564", "$8,812"] [ Select ] ["$71,564", "$69,632", "$72,456", "$68,564"] [ Select ] ["$10,368", "$12,000"]
5 $80,000 [ Select ] ["$12,000", "$10,368"] [ Select ] ["$2,368", "$4,147.20"] $72,000 $8,000