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As of January 1, 2011, Survival Industries, Inc. purchased a boat at a cost of $360,000.  When purchased, the company was using the double-declining depreciation method. Key info on the asset at time of purchase is the following. 

Estimated useful life is 6 years.
Residual Value is $0.

At the beginning of 2014, the CFO decided to change to straight-line depreciation method.

Compute the depreciation expense for 2014.

a) $35,556

b) $10,667

c) $60,000

d) $120,000

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  • Category:- Accounting Basics
  • Reference No.:- M946636

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