A building acquired at the beginning of the year at a cost of $1,375,000 has an estimated residual value of $250,000

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A building acquired at the beginning of the year at a cost of $1,375,000 has an estimated residual value of $250,000 and an estimated useful life of 40 years. Determine the following.

(a)The double-declining-balance rate: %

(b)The double-declining-balance depreciation for the first year: $ 

How do i solve this? I can’t find the formula in the book.

 
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