I F Passed Company (IFPC) purchased a new van on January 1, 2019. The van cost $40,000 with an estimated life of 5 years and $10,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the balance in the accumulated depreciation for 2020

Accumulated depreciation= $19,200

Explanation:

Giving the following information:

The van cost $40,000 with an estimated life of 5 years and $10,000 salvage value at the end of its useful life.

To calculate the depreciation expense for each year, we need to use the following formula:

Annual depreciation= 2*[(book value)/estimated life (years)]

2019:

Annual depreciation= 2*[(40,000 - 10,000)/5]= 12,000

2020:

Annual depreciation= 2*[(30,000 - 12,000)/5]= 7,200

Accumulated depreciation= 12,000 + 7,200= $19,200

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