required information\nknowledge check 01\non january 1, 2021, truesdale, incorporated, purchased a piece of…

required information\nknowledge check 01\non january 1, 2021, truesdale, incorporated, purchased a piece of machinery for use in operations. the total acquisition cost was $33,000. the machine has an estimated useful life of 3 years and a salvage value of $3,000.\nusing the double - declining balance method, depreciation for 2021 is approximately\n$10,000\n$11,000\n$20,000\n$22,000

required information\nknowledge check 01\non january 1, 2021, truesdale, incorporated, purchased a piece of machinery for use in operations. the total acquisition cost was $33,000. the machine has an estimated useful life of 3 years and a salvage value of $3,000.\nusing the double - declining balance method, depreciation for 2021 is approximately\n$10,000\n$11,000\n$20,000\n$22,000

Answer

Explanation:

Step1: Calculate straight-line depreciation rate

Straight-line rate = $\frac{1}{3}$

Step2: Determine double-declining balance rate

Double rate = $2 \times \frac{1}{3} = \frac{2}{3}$

Step3: Compute depreciation for 2021

Depreciation = $33,000 \times \frac{2}{3} = 22,000$

Answer:

$22,000$