Rollins Company purchased a depreciable asset for $500,000 on April 1, 2010. The estimated salvage value is $50,000, and...
Rollins Company purchased a depreciable asset for $500,000 on April 1, 2010. The estimated salvage value is $50,000, and the estimated total useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumulated depreciation on May 1, 2013 when the asset is sold?
Question 4 options:
|
$277,500 |
|
|
$247,500 |
|
|
$210,000 |
|
|
$196,667 |
Homework Answers
| Depreciation expense | |||||||
| (500,000-50000)/5 | |||||||
| 90000 | |||||||
| April 1,2010 to dec 31,2010 | 67500 | ||||||
| 1 jan 2011 to dec 31,2011 | 90,000 | ||||||
| 1 jan 2012 to dec 31,2012 | 90,000 | ||||||
| 1 jan 2013 to may 1,2013 | 30000 | ||||||
| total accumulated depreciation | 277500 | answer | |||||
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