On January 1, 2019, Crane Company purchased furniture for $7830. The company expects to use the...
On January 1, 2019, Crane Company purchased furniture for $7830.
The company expects to use the furniture for 3 years. The asset has
no salvage value. The book value of the furniture at December 31,
2020 is
|
a |
$2610. |
|
b |
$5220. |
|
c |
$7830. |
|
d |
$0. |
Homework Answers
a) $2610
Initial Cost : $7830
Estimated Useful Life: 3 years
Salvage Value : $0
Depreciation rate = 1/3 *100 = 33%
Annual Depreciation = 7830*33% = $2,610 = $2,610 *2 = $5,220
Book Value as on 31 December 2020 = $7,830 - $5,220 = $2,610
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