Question

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Revision of Depreciation Equipment with a cost of $501,200 has an estimated residual value of $49,700, has an estimated useful life of 15 years, and is depreciated by the straight-line method a. Determine the amount of the annual depreciation 30,100v b. Determine the book value after 7 full years of use. 350,700 x c. Assuming that at the start of the year 8 the remaining life is estimated to be 12 years and the residual value is estimated to be $54,100, determine the depreciation expense for each o the remaining 12 years. 8,400 x Check My Wok Straight-line depreciation allocates the depreciablie cost of the asset equally over the expected useful ife. The book value is the fixed asset cost less accumulated depreciation Revising depreciation is necessary when esimates of residual values andlor uselu lives of ied assets change due to abnormal wear and bear or Learning Objective 2

Answer 1