Final answer:
The depreciation for 2023 using the double-declining balance method is approximately $3,667.
Step-by-step explanation:
The double-declining balance method is a depreciation method that allows for a higher depreciation expense in the early years of an asset's life. To calculate depreciation using this method, you need to know the asset's cost, estimated useful life, and salvage value. The formula for annual depreciation using the double-declining balance method is:
Annual Depreciation = (2 / Useful Life) x Book Value
Given that the depreciation for 2023 is approximately $3,667, we can use this formula to calculate the book value. Let's assume the asset's cost is $10,000, the useful life is 5 years, and the salvage value is $2,000:
Book Value for 2023 = Cost - Accumulated Depreciation
Accumulated Depreciation for 2023 = Annual Depreciation x Number of Years
Plugging in the values:
Annual Depreciation = (2 / 5) x (10,000 - Accumulated Depreciation)
3,667 = (2 / 5) x (10,000 - Accumulated Depreciation)
Solving for Accumulated Depreciation:
Accumulated Depreciation = 10,000 - (3,667 x (5 / 2))
Accumulated Depreciation = 10,000 - 9,167
Accumulated Depreciation = 833
Therefore, the depreciation for 2023 is approximately $3,667.