Problem

Louisville Farms, a breeder of racehorses, paid $432,000 cash for a prize-winning stallion...

Louisville Farms, a breeder of racehorses, paid $432,000 cash for a prize-winning stallion on January 1, 2003.  The stallion is depreciated on a straight-line basis, with depreciation for partial years rounded to the nearest month.  Estimated useful life was nine years, with no residual value.  After owning the animal for six years and five months, Louisville Farms sold the stallion on May 31, 2009, for cash of $85,000.  Depreciation had last been recorded on December 31, 2008.

Compute to the nearest full month depreciation for the fractional period from January 1, 2009 to May 31 of 2009. $________

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Solutions For Problems in Chapter 9