Straight Line Depreciation Expense per year
Straight Line Depreciation Expense = [Cost of the asset – Salvage Value] / Useful Life
= [$300,000 - $10,000] / 5 Years
= $290,000 / 5 Years
= $58,000 per year
Book Value of the asset on December 31, 2020
Book Value of the asset on December 31, 2020 = Cost of the asset – Depreciation expense for 2 years
= $300,000 – [$58,000 per year x 2 Years]
= $300,000 - $116,000
= $184,000
“Hence, the Book Value of the asset on December 31, 2020 will be (D). $184,000”
Eestione On January 2, 2019, Kelio Corporation acquired equipment for $300.000 The a ted life of...
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