On January 2, 2019, Konrad Corporation acquired equipment for $800,000. The estimated life of the equipment...
On January 2, 2019, Konrad Corporation acquired equipment for
$800,000.
The estimated life of the equipment is 5 years or
31,000
hours. The estimated residual value is
$25,000.
If Konrad Corporation uses the units of production method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2020, assuming that during this period, the asset was used
10,000
hours?
Homework Answers
Depreciation expense
= (Cost - Salvage value) /Life in hours * Hours used
= (800,000-25,000)/31,000 * 10,000
= 250,000
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