When originally purchased, a vehicle costing $23,580 had an estimated useful life of 8 years and...
When originally purchased, a vehicle costing $23,580 had an estimated useful life of 8 years and an estimated salvage value of $1,900. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals:
Multiple Choice
-
$2,878.00.
-
$2,710.00.
-
$5,420.00.
-
$10,840.00.
-
$5,588.00.
Homework Answers
Answer: $5,420
Explanation:
Calculate depreciation in year 5 as per revised useful years:
Given,
Cost of the asset = $23,580
Estimated salvage value = $1,900
Life of asset = 8 years
Revised life of asset = 6 years
Depreciation = (Cost of asset - Salvage value) / Life of the asset
Depreciation = ($23,580 - $1,900)/8
= $21,680 / 8
= $2,710
Total availed depreciation for 4 years = $2,710 * 4 =
$10,840
Value of the asset at the end of 4th year = $23,580 - $10,840 =
$12,740
Depreciation in remaining years = ($12,740 - $1,900) / 2 =
$5,420
Therefore, depreciation for 5th year is
$5,420
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