Homework Answers
Answer: $6,688
..
.
Annual depreciation = (Cost - Salvage value) / Useful life of the asset
= ($120,000 - $13,000) / 4 years
= $26,750 per year
.
Depreciation for the year 2020 (October to December = 3 months) = $26,750 x (3 months / 12 months) = $6,687.50
.
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