Homework Answers
Solution
| First year | Second year | |
| Annual depreciation under straight line method | $ 6,000.00 | $ 6,000.00 |
Working
| Straight line Method | ||
| A | Cost | $ 20,000 |
| B | Residual Value | $ 2,000 |
| C=A - B | Depreciable base | $ 18,000 |
| D | Life [in years left ] | 3 |
| E=C/D | Annual SLM depreciation | $ 6,000.00 |
.
| Depreciation schedule-Straight line method | ||||
| Year | Book Value | Depreciation expense | Accumulated Depreciation | Ending Book Value |
| 1 | $ 20,000.00 | $ 6,000.00 | $ 6,000.00 | $ 14,000.00 |
| 2 | $ 14,000.00 | $ 6,000.00 | $ 12,000.00 | $ 8,000.00 |
| 3 | $ 8,000.00 | $ 6,000.00 | $ 18,000.00 | $ 2,000.00 |
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please answer if you are sure, only one
attempt left
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