Equipment was purchased for $145000. Freight charges amounted to $5000 and there was a cost of...
Equipment was purchased for $145000. Freight charges amounted to $5000 and there was a cost of $25000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $38000 salvage value at the end of its 5-year useful life. Depreciation Expense each year using the straight-line method will be
$27400.
$23000.
$21400.
$35000.
Homework Answers
Answer- Depreciation Expense each year using the straight-line method will be= $27400.
Explanation- Straight line Method-
= Cost of asset- Salvage value of asset/No. of useful life (years)
=($175000-$38000)/5 years
=$137000/ 5 years
= $27400
Depreciation expense per year = $27400.
Where- Cost of Equipment = $145000+$5000+$25000
= $175000
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