Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $24,000 for the truck. The...
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $24,000 for the truck. The truck is expected to have a $4,000 residual value and a 7-year life. Cambridge has a December 31 fiscal year end. Using the straight-line method, how much is the 2019 depreciation expense?
Homework Answers
| Straight Line depreciation expense | = | (Cost - Salvage Value)/Useful Life | ||||||
| = | (24000-4000)/7 | |||||||
| = | $ 2,857.14 | |||||||
| Under, Straight line depreciation method,depreciation expense is same for all years. | ||||||||
| So, depreciation expense for 2019 is | $ 2,857.14 | |||||||
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Cambridge Company purchased a truck on January 1, 2018.
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