On January 1, 2022, Marigold Corp. purchased equipment for $42120. The company is depreciating the equipment...
On January 1, 2022, Marigold Corp. purchased equipment for $42120. The company is depreciating the equipment at the rate of $590 per month. The book value of the equipment at December 31, 2022 is:
|
$7080. |
|
$42120. |
|
$0. |
|
$35040. |
Homework Answers
Answer
- No of months from 1 Jan 2022 to 31 Dec 2022 = 12 months.
- Total Depreciation for 12 months = $ 590 x 12 months = $ 7080
- Book Value = Cost – Amount depreciated
= $ 42120 - $ 7080
= $ 35,040 - Correct Answer = Option #4: $ 35,040
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