Carr, Inc. purchased equipment for $100,000 on January 1, 20X2. The equipment had an estimated 10-year useful life and a $15,000 salvage value. Carr uses the 200% declining-balance depreciation method. In its 20X3 Income Statement, what amount should Carr report as depreciation expense for the equipment?

a) $13,600
b) $16,000
c) $17,000
d) $20,000

c) $17,000

Explanation:

200% depreciation method is the double of the straight line depreciation method. In this method you divide cost of asset net of salvage value by its useful life and multiply it with 2.

Cost of Equipment = $100,000

Estimated useful life = 10 years

Salvage value = $15,000

Depreciation = ?

Depreciation expense will be calculated by following method

Depreciation Expense = ( ( $100,000 - $15,000 ) / 10 ) x 2

Depreciation Expense = ( $85,000 / 10 ) x 2

Depreciation Expense = $8,500 x 2

Depreciation Expense = $17,000

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