24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture...

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24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture is estimated to have a useful life of

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Answer 1

Answer #1

Answer of Question 24:

Cost of Equipment = $20,000

Salvage Value = $2,000

Uselife Life = 6 years

Depreciation = (Cost of Equipment – Salvage Value) / Useful Life
Depreciation = ($20,000 - $2,000) / 6
Depreciation = $18,000 /6
Depreciation = $3,000

Depreciation of First Year = $3,000

Book Value of Equipment = Cost of Equipment – Depreciation of First Year
Book Value of Equipment = $20,000 - $3,000
Book Value of Equipment = $17,000

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Answer 2

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