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On January 1, 2003, Dana Corporation purchased equipment for $450,000. Installation costs were an additional $50,000. The equipment's useful life was estimated at 5 years, with a salvage value of $25,000. The company planned to depreciate the equipment over five years using the straight-line method for reporting purposes and the double declining balance method for tax purposes.

Dana Corporation's accumulated depreciation at December 31,2004 for reporting purposes and for tax purposes, respectively, will be:

a) $190,000 and $304,000

b) $180,000 and $320,000

c) $190,000 and $320,000

d) $200,000 and $304,00

Accounting Basics, Accounting

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  • Reference No.:- M944205

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