A building is acquired on January 1, at a cost of $960,000 with an estimated useful life of 10 years and salvage value of $86,400. Compute depreciation expense for the first three years using the double-declining-balance method. (Round your answers to the nearest dollar.)

Year 1 - $192,000

Year 2 - = $153,600

Year 3 - $122,880

Explanation:

Depreciation expense using the double declining method = Depreciation factor x cost of the asset

Depreciation factor = 2 x (1/useful life) = 2 x (1/10) = 0.2

Depreciation expense in the first year = 0.2 x $960,000 = $192,000

Book value at the beginning of year 2 = $960,000 - $192,000 = $768,000

Depreciation expense in year 2 = 0.2 x $768,000 = $153,600

Book value in year 3 = $768,000 - $153,600 = $614,400

Depreciation expense in year 3 = 0.2 x $614,400 = $122,880

I hope my answer helps you

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