A company acquired equipment on April 1, 2010 for $160,000. The company estimates the useful life...
Homework Answers
Cost of equipment = $160,000
Useful life = 5 years
Salvage value = $60,000
Annual depreciation = (Cost of equipment - Salvage value)/Useful life
= (160,000 - 60,000)/5
= 100,000/5
= $20,000
In the year 2010, equipment was used for 9 months, hence depreciation will be charged on the equipment for 9 months in the year 2010.
Depreciation expense for 2010 = 20,000 x 9/12
= $15,000
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