Question - Shaggy Limited purchased a new van on January 1, 2014. The van cost $55,000. It has an estimated life of Five years and the estimated residual value is $5,000. Shaggy uses the double-declining-balance method to compute depreciation.
What is the depreciation expense for 2014?
What is the adjusted balance in the Accumulated Depreciation account at the end of 2015?