Homework Answers
Correct answer--------$24,220
Working
| Cost | $ 561,600 |
| Accumulated depreciation | $ 469,580 |
| Book value | $ 92,020 |
| Sales price | $ 67,800 |
| Book value | $ 92,020 |
| Gain /(loss) | $ (24,220) |
.
| Straight line Method | ||
| A | Cost | $ 561,600 |
| B | Residual Value | $ 30,000 |
| C=A - B | Depreciable base | $ 531,600 |
| D | Life [in years left ] | 10 |
| E=C/D | Annual SLM depreciation | $ 53,160.00 |
.
| Depreciation schedule-Straight line method | ||||
| Year | Book Value | Depreciation expense | Accumulated Depreciation | Ending Book Value |
| 2012 | $ 561,600.00 | $ 35,440.00 | $ 35,440.00 | $ 526,160.00 |
| 2013 | $ 526,160.00 | $ 53,160.00 | $ 88,600.00 | $ 473,000.00 |
| 2014 | $ 473,000.00 | $ 53,160.00 | $ 141,760.00 | $ 419,840.00 |
| 2015 | $ 419,840.00 | $ 53,160.00 | $ 194,920.00 | $ 366,680.00 |
| 2016 | $ 366,680.00 | $ 53,160.00 | $ 248,080.00 | $ 313,520.00 |
| 2017 | $ 313,520.00 | $ 53,160.00 | $ 301,240.00 | $ 260,360.00 |
| 2018 | $ 260,360.00 | $ 53,160.00 | $ 354,400.00 | $ 207,200.00 |
| 2019 | $ 207,200.00 | $ 53,160.00 | $ 407,560.00 | $ 154,040.00 |
| 2020 | $ 154,040.00 | $ 53,160.00 | $ 460,720.00 | $ 100,880.00 |
| 2021 | $ 100,880.00 | $ 8,860.00 | $ 469,580.00 | $ 92,020.00 |
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