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Double declining balance depreciation. Shouldn't the asset…

Double declining balance depreciation. Shouldn't...
Double declining balance depreciation. Shouldn't the asset be fully depreciated after the useful live if there is no salvage value? If this calculator is wrong, please provide a schedule that is correct.https://www.calculatorsoup.com/calculators/financial/depreciation-declining-double.php?cost=100%2C000.00&salvage=0&life=5&month=1&year=2018&convention=Full-Month&dollars=true&ans=schedule&action=solveThank you!
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Answered in 20 minutes by:
6/30/2017
ABC Accounting Group
ABC Accounting Group, Financial Advisor
Category: Finance
Satisfied Customers: 876
Experience: Accounting Manager
Verified

Hi. Great Question. Yes - however, is the useful life on your tax return the same as on your books.

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Customer reply replied 10 months ago
but the schedule link I attached shows residual value after 5 years. What's wrong?
Customer reply replied 10 months ago
please answer the original question or throw it back into the pool. Thank you, --jeff

Sorry - just want to confirm, before answering - so, I can give you the correct response.

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Customer reply replied 10 months ago
do you have what you need to proceed?

Yes.

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Hi. I checked it on Excel, as well. What is happening is the calculator is not taking into account the life of the asset - accumulated depreciation is ok for years 1 through 4 - year 5 should have an additional $7,776 accumulated depreciation added to it, so the value is -0-.

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Customer reply replied 10 months ago
can you produce a table as was requested?

Hi. A schedule cannot be attached. However - here is what can be

(###) ###-####4 40000 60000

600000 . 4 24000 36000

360000. 4 14400 21600

216000. 4 8640 12960

129600 12,960 -0-

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Asset Value Double Declining Bal Factor Accum Deprec Net Asset

ABC Accounting Group
ABC Accounting Group, Financial Advisor
Category: Finance
Satisfied Customers: 876
Experience: Accounting Manager
Verified
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ABC Accounting Group
ABC Accounting Group
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