Kansas enterprises purchased equipment for $74,500 on january 1, 2021. the equipment is expected to have a five-year life, with a residual value of $6,300 at the end of five years. using the double-declining balance method, the book value at december 31, 2022, would be: (do not round your intermediate calculations)

value at december 31th, 2022 $  26,820

Explanation:

double declining depreciation expense:

rate of depreciation: (1/useful life) x 2

             (1/5) x 2 = 0.4 = 40%

first year:

depreciation 74,500 x 40% = 29,800

book value at year end 74,500 - 39,800 = 44,700

second year:

depreciation 44,700 x 40% = 17,880

book value at year-end 44,700 - 17,880 = 26,820

explanation:

what