Homework Answers
| a. | $ | ||
| Salvage value of equipment | 30,000 | ||
| 1) | |||
| Cost | 800,000 | ||
| Salvage value of equipment | 30,000 | ||
| Depreciable value | 770,000 | 800,000-30,000 | |
| SL method dep | |||
| Dep value/no. of years | |||
| Dep expense this year | 110,000 | ||
| 770,000/no. of years= | 110,000 | ||
| therefore, no. of years | 770,000/110,000 | ||
| = | 7 years | ||
| 2) | |||
| Total accumulated dep inculding current year dep | 550,000 | ||
| every year dep charged | 110,000 | ||
| no.of years passed since property was purchased. | 550,000/110,000= | ||
| 5 years | |||
| 12/31/2020 | 5 year | ||
| 12/31/2019 | 4th Year | ||
| 12/31/2018 | 3rd year | ||
| 12/31/2017 | 2nd year | ||
| 12/31/2016 | 1st year | ||
| therefore, property was purchased on | 1/1/2016 |
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