Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $19,000 for the truck. The...
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $19,000 for the truck. The truck is expected to have a $3,000 residual value and a 4-year life. Cambridge has a December 31 fiscal year end. Using the straight-line method, how much is the 2019 depreciation expense? (Enter only whole dollar values.)
Homework Answers
Depreciation for 2019= $4,000
Working
| Straight line Method | ||
| A | Cost | $ 19,000 |
| B | Residual Value | $ 3,000 |
| C=A - B | Depreciable base | $ 16,000 |
| D | Life [in years left ] | 4 |
| E=C/D | Annual SLM depreciation | $ 4,000.00 |
.
| Depreciation schedule-Straight line method | ||||
| Year | Book Value | Depreciation expense | Accumulated Depreciation | Ending Book Value |
| 2018 | $ 19,000.00 | $ 4,000.00 | $ 4,000.00 | $ 15,000.00 |
| 2019 | $ 15,000.00 | $ 4,000.00 | $ 8,000.00 | $ 11,000.00 |
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