In the declining balance method, what is the depreciation rate applied?

In the declining balance method, what is the depreciation rate applied?

Step 1: Understand that the declining balance method is a way to calculate how much an asset loses value over time.
Step 2: Know that the depreciation rate is a percentage that you apply to the current value of the asset.
Step 3: Realize that the book value of the asset starts at its original cost and decreases each year as you apply the depreciation.
Step 4: Apply the depreciation rate to the book value to find out how much value the asset loses in that year.
Step 5: Repeat this process each year, using the new book value to calculate the next year's depreciation.

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