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If the equipment has a useful life of ten years. no residual value is expected at the end of the useful life. using the double-declining-balance method, The company's depreciation expense in the first year of the equipment's useful life is: $4800.
Using this formula to find or determine the depreciation expenses
Depreciation expense = (Cost − Accumulated depreciation) × (2 ÷ Useful life)
Where:
Cost = $24,000
Accumulated depreciation = $0
Useful life = 10 years
Let plug in the formula
Depreciation expense = ($24,000 − $0) × 2 / 10
Depreciation expense = $24,000 × 2 / 10
Depreciation expense = $48,000 /10
Depreciation expense = $4,800
Therefore we can conclude that the Depreciation expense is the amount of $4,800.
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