On July 1, 2003, PLEE Corporation purchased factory equipment for $50,000. Salvage value was estimated at $2,000. The equipment will be depreciated over 10 years using the double-declining-balance method. Counting the year of acquisition as one-half year, PLEE should record 2004 depreciation expense of:
a. $8,640
b. $9,000
c. $8,000
d. $10,000
Answer: b. $9,000
Business
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