Cutter Enterprises purchased equipment for $66,000 on January 1, 2018. The equipment is expected to have...
Cutter Enterprises purchased equipment for $66,000 on January 1,
2018. The equipment is expected to have a five-year life and a
residual value of $8,700.
Using the straight-line method, depreciation for 2019 and the
equipment's book value at December 31, 2019, would be:
Multiple Choice
-
$11,460 and $34,380 respectively.
-
$11,460 and $43,080 respectively.
-
$13,200 and $52,800 respectively.
-
$26,400 and $39,600 respectively.
Homework Answers
Annual depreciation=(Cost-Residual value)/Useful Life
=(66000-8700)/5
=$11460/year
Hence depreciation for 2019=$11460
Equipment book value at December 31,2019=Cost-Accumulated depreciation
=66000-(11460*2)=$43080
Hence the correct option is :
$11460 and $43080 respectively.
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