What is the depreciation expense for monsoon

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Problem 1: On January 8 of 2021, Monsoon restaurant buys a car for $24,000 to do food deliveries. They estimate it's useful life to be 5 years with a value of $3,500 at the end of that time. Since they know that there will be more maintenance at the end of the 5 years than in the first few years, they decide to use Double Declining Balance depreciation. What is the Depreciation expense in the first year, assuming they expect a full year of use out of the vehicle?

Reference no: EM132826105

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