Exhibit 11-1 On January 1, Year 1, Hills purchased equipment for $350,000. The equipment had an estimated useful life of ten years and an estimated residual value of $50,000. Use the double-declining-balance method to answer the following question(s). ? ? Refer to Exhibit 11-1. How much depreciation should Hills record on the asset in year 2?
A) $16,000
B) $24,000
C) $56,000
D) $48,000
C
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