ennings Advertising Inc. reported the following in its December 31, 2018, balance sheet: Equipment $ 600,000...
ennings Advertising Inc. reported the following in its December
31, 2018, balance sheet:
| Equipment | $ | 600,000 | |
| Less: Accumulated depreciation—equipment | $ | 95,000 | |
In a disclosure note, Jennings indicates that it uses straight-line
depreciation over 12 years and estimates salvage value at 5% of
cost. What is the average age of the equipment owned by
Jennings?
Multiple Choice
-
3.2 years.
-
2 years.
-
8.8 years.
-
10 years.
Homework Answers
Salvage value = 600,000*5% = 30,000
Depreciation expense per year = (Cost - Salvage value) /useful life
= (600,000-30,000)/12 = 47,500
Average age = Accumulated Depreciation/Depreciation expense per year
= 95,000/47,500
= 2 years
Add Answer to:
ennings Advertising Inc. reported the following in its December
31, 2018, balance sheet:
Equipment
$
600,000...
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