The Addison Company also purchased machinery on May 25, 2001 that had an original cost of...
The Addison Company also purchased machinery on May 25, 2001 that had an original cost of $32,500 with an estimated salvage value of $2,500 and an estimated useful life of 10 years. What would be the book value using the straight-line method as of 12-31-04
Homework Answers
Annual Depreciation Expense (Straignt LIne Method) = (Cost of Asset - Salvage Value) / Useful life
= (32,500 - 2,500) / 10
= $3,000
Year 2001 Depreciation Expense (221 days from 25 May to Dec 31) = $3,000 * 221 / 365 = $1,816
Year 2002 Depreciation Expenses = $3,000
Year 2003 Depreciation Expenses = $3,000
Year 2004 Depreciation Expense = $3,000
Total Accumulated Depreciation till 12-31-04 = $3,000*3 + $1,816 = $10,816
Book Value as of 12-31-04 = Cost of Asset - Accumulated Depreciation till 12-31-04
= $32,500 - $10,816
= $21,684
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