Homework Answers
BOOK VALUE OF THE MACHINE AS OF DECEMBER 31, YEAR 1: $21,000
- Book value of asset = Purchase cost of asset - depreciation
- Purchase cost of asset = $26,000
- Depreciation =
- Book value as of December 31, Year 1 = $26,000 - $5,000 = $21,000
Depreciation calcilated using straight-line method:
- Purchase cost = $26,000
- Estimated useful life = 4 years
- Estimated salvage value = $6,000
- Deprecitation per annum = (Cost of asset - salvage value) ÷ useful life
- Depreciation for each year = ($26,000 - $6,000) ÷ 4 years = $5,000
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