Homework Answers
Solution:
Carrying value of equipment after 6 years = Cost - Accumulated depreciation
= $70,378 - [($70,378 - $6,930)*6/11]
= $35,770
Remaining useful life = 7 years - 6 years = 1 year
Depreciation expense for current and future years = $35,770 / 1 = $35,770
Hence 2nd option is correct.
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