Homework Answers
$ 25,000
| Step-1:Calculation of book value at the end of year 3 | |||||
| Cost | $ 43,000 | ||||
| Less accumulated depreciation | $ 15,000 | ||||
| Book Value | $ 28,000 | ||||
| Working: | |||||
| Straight line depreciation | = | (Cost - salvage value)/Useful life | |||
| = | (43000-3000)/8 | ||||
| = | $ 5,000 | ||||
| Accumulated depreciation for 3 years | = | Straight line depreciation | * | Life | |
| = | $ 5,000 | * | 3 | ||
| = | $ 15,000 | ||||
| Step-2:Calculation of annual depreciation for year 4 | |||||
| Depreciation for year 4 | = | (Revised book value at the beginning of year 4 - Revised salvage value)/revised remaining life | |||
| = | (28000-3000)/1 | ||||
| = | $ 25,000 | ||||
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