Cutter Enterprises purchased equipment for $57,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $5,700. Using the double-declining-balance method, depreciation for 2021 and the book value at December 31, 2021, would be: Multiple Choice $20,520 and $33,780 respectively. $22,800 and $34,200 respectively. $20,520 and $36,480 respectively. $22,800 and $28,500 respectively.

The correct answer is C.

Explanation:

Giving the following information:

Purchasing price= $57,000

Useful life= five-year

Residual value= $5,700.

To calculate the depreciation expense under the double-declining balance, we need to use the following formula:

Annual depreciation= 2*[(book value)/estimated life (years)]

Annual depreciation= 2*[(57,000 - 5,700)/5]

Annual depreciation= $20,520

Book value= 57,000 - 20,520

Book value= $36,480

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