Computer equipment was acquired at the beginning of the year at a cost of $53,600. It had an estimated residual value of...

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Computer equipment was acquired at the beginning of the year at a cost of $53,600. It had an estimated residual value of...

Computer equipment was acquired at the beginning of the year at a cost of $53,600. It had an estimated residual value of $4,600 and an estimated useful life of five years. Determine the (a) depreciable cost, (b) straight-line rate, and (c) annual straight-line depreciation.

a. Depreciable cost	$
b. Straight-line rate		%
c. Annual straight-line depreciation	$

business accounting

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Answer 1

Answer #1

Answer-a)- Depreciable cost = $49000.

b)- Straight- line rate =20%.

c)- Annual straight-line depreciation = $9800.

Explanation- Straight line Method-Depreciation Expense Annual

= Cost of asset- Salvage value of asset/No. of useful life (years)

=($53600-$4600)/5 years

=$49000/5 years

= $9800

Depreciable cost = Cost of asset- Salvage value of asset

= $53600-$4600

= $49000

Straight- line rate = (Annual depreciation/ Depreciable cost)*100

= ($9900/$49000)*100

= 20%

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Answer 2

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