On June 1, 20--, a depreciable asset was acquired for $4,020. The asset has an estimated...
On June 1, 20--, a depreciable asset was acquired for $4,020. The asset has an estimated useful life of five years (60 months) and no salvage value.
Using the straight-line depreciation method, calculate the book value as of December 31, 20--. If necessary, round your answer to two decimal places.
Homework Answers
Answer
>Book Value = Cost of Asset - Accumulated Depreciation
>Working
| A | Cost | $4,020 |
| B | Salvage Value | $0 |
| C = A - B | Depreciable base | $4,020 |
| D | Useful lufe in months | 60 |
| E = C/D | Depreciation expense per month | $67 |
| F | No. of month from June 1 to Dec 31 | 7 |
| G = E x F | Depreciation expense for 7 months | $469 |
| H = A - G | Book Value on 31 Dec | $3,551 = Answer |
>Correct Answer: Book Value = $ 3,551
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