Homework Answers
- The correct option is D. $300000
- Given, cost of equipment = $800000, residual value = $50000 and useful life = 5 years
- Under straight line method,
Depreciation = (Cost of equipment-residial value)÷useful life
- For 1 year,
Depreciation = ($800000-$50000)÷5 = $750000÷5 = $150000
- From jan 2, 2019, equipment has been used for 2 years till dec 31, 2020.
- Therefore, Accumulated Depreciation as on Dec 31, 2020 = $150000×2 yrs = $300000.
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