Hi, Can someone please show me how to calculate step by step the double depreciation method for this problem? I tried it 3 different ways and cannot get to the answer. The answer is $15,206.40 and here is the problem:
XYZ Corporation purchased a vehicle for $62,000. The decision was also made to purchase three additional keys for $240 each and four new tires for $160 each. The vehicle has a salvage value of $18,000 and a useful life of 5 years. What is the depreciation expense for the second year, using the double depreciation method?