A company purchased new furniture at a cost of $30,000 on September 30. The furniture is...
A company purchased new furniture at a cost of $30,000 on September 30. The furniture is estimated to have a useful life of 4 years and a salvage value of $3,600. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31?
Homework Answers
Answer:
Straightline Depreciation:
It is the simplest form of depreciation method as it charges cost evenly over the life of asset .It is calculated by dividing cost less salvage value by the life of asset.
Depreciation = (Cost - Salvage value)/life of asset = (30000 - 3600)/4 = 6600 x 3 months / 12 months = 1650
Therefore Depreciation expense for first year December 31 will be $1650.
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