deals with the production, distribution, and consumption of goods and services.
For chapter 7 bankruptcy it takes 10 years for it to be removed from the credit report.
Doing simple math here-
45 + 10 = 55
Johnny will be 55 years old when the bankruptcy is removed from his credit report.
Answer:
$28,000
Explanation:
Data provided in the question:
Cost of the building purchased = $140,000
Estimated salvage value = $8,000
Expected useful life = ten years
Now,
Annual rate of depreciation using the double-declining-balance method
= 2 × [ 100% ÷ (Useful life )]
= 2 × [ 100% ÷ 10 ]
= 2 × 10%
= 20% or 0.20
Therefore,
Depreciation expense for 20X1 = Cost of building × Rate of depreciation
= $140,000 × 0.20
= $28,000
