Part (b) onlyHomework Answers
Depreciation under Straight line method = (Cost - Residual value) / Estimated useful life
= ($46,000 - $3,800) / 5
= $8,440
Accumulated depreciation for 3 years = $8,440 * 3 = $25,320
Book value = $46,000 - $25,320 = $20,680
Remaining useful life = 7 - 3 = 4 years
Revised annual depreciation = (Book value - Residual value) / Remaining useful life
= ($20,680 - $1,200) / 4
= $4,870
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