An asset costs $15,000 and has a salvage value of $500 after 10 years. What is the depreciation charge for the fifth year, and what is the book value at the end of the fifth year?
(a) Using the 150% declining balance method.
(b) Using the 200% declining balance method. (Answer: a. D5 = $1175, BV5 = $6656; b. D5 = $1229, BV5 = $4915)