Homework Answers
Annual depreciation = (Purchase price - salvage value)/life of the assets
= (60000-4000)/8
= $7000
| Year | Annual depreciation | Book value |
| 1 | 7000 | 53000 |
| 2 | 7000 | 46000 |
| 3 | 7000 | 39000 |
| 4 | 7000 | 32000 |
| 5 | 7000 | 25000 |
| 6 | 7000 | 18000 |
| 7 | 7000 | 11000 |
| 8 | 7000 | 4000 |
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A machine was purchased on Jan. 1, 2017 for a cost of $60,000. It
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