Kansas Enterprises purchased equipment for $77,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $7,050 at the end of ten years. Using the double-declining balance method, depreciation expense for 2021 would be .

The depreciation expense would amount to $15,500

Explanation:

Under the double declining method, the formula is as:

Annual depreciation expense = Net Book Value × 2 / Number of years

where

Net book value amounts to $77,500

Number of years is 10 years

Putting the value above:

Annual depreciation expense = $ 77,500 × 2 / 10

= $77,500 × 0.2

= $15,500

NOTE: Under the method of double declining, the residual or the salvage value is not considered or ignored.

When using the double-declining method, residual value is ignored.

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