Question

View Police Current Attempt in Progress Concord Corporation purchased a depreciable asset for $566000 The for depreciation. What is the depreciation opent on this set the current the activity ethod wil bened ated 29000d the time white

Answer 1

Q.1 Cost of Asset - $ 566,000 Salvage Value = $29,000 Estimated useful life = 10,000 hours Depreciation Expense = cost of Asset - Salvage Value per hour Estimated Useful life = $566,000 - $29,000 10,000 - $ 27.6 pey hou i. Depreciation Expense in current year - $27.6 per hour x 1,100 hours = $ 30,360 - 2 0 0 0 0

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Q.2 Purchase Price of Truck = Estimated Salvage Value - Useful life = $ 110,500 $ 4,300 118,000 miles . Depreciation Expense - Cost of Asset - Salvage Value per mile Useful life = $ 110,500 – $4,300 118,000 = $0.9 per mile Depreciation Expense for 2018 = $0.9 per mile x = $ 23,400 26,000 miles