Using the double declining depreciation method for an asset with a useful life of 7 years. What is the depreciation expense for year 2 on an asset costing $110000? Note: Round the answer to 0 decimal places (i. e. nearest dollar).

The depreciation expense for year 2 is $13,469

Explanation:

Computing the depreciation expense for year 1 is:

Depreciation expense = Asset cost / Number of useful life

= $110,000 / 7

= $15,714.28

Computing the depreciation expense for year 2 is as:

Asset cost for year 2 = Asset cost - Depreciation expense for year 1

$110,000 - $15,714.28

= $94,285.72

So, depreciation expense would be:

Depreciation expense = Asset cost for year 2 / Number of useful life

= $94,285.72 / 7

= $13,469

answer; vertical marketing system;

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%