As of january 1 2012 sun inc purchased a boat at a cost of, Financial Accounting

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As of january 1 2012 sun inc purchased a boat at a cost of

As of January 1, 2012, Sun Inc. purchased a boat at a cost of $600,000. When purchased, the company was using the double-declining depreciation method. Key info on the asset at time of purchase is the following.

Estimated useful life is 10 years.

Residual Value is $27,200.

At the beginning of 2015, the CFO decided to change to straight-line depreciation method. Compute the depreciation expense for 2015.

$42,000

$30,720

$60,000

$40,000

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