Seneca Valley Owns a Machine That It Purchased on Jan

question 51

Multiple Choice

Seneca Valley owns a machine that it purchased on Jan 1, 2019 for $600,000. The machine had an estimated useful life of 10 years and an estimated residual value of $100,000. The company uses the double-declining balance method. The machine was sold on December 31, 2021 for $140,000. What is the depreciation rate for 2019?

• A)10%
• B)20%
• C)40%
• D)Any of the above can be used.

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