Answer:
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Answer:
revenue is how much you make in a day, month, year.
Answer:
$4080
Explanation:
Straight line method of depreciation is a method of calculating depreciation expense of an asset after years of usage.
Given;
Initial cost of asset = $44,000
Salvage value = $3,200
After five years the asset has depreciated by ($44000-$3200) i.e
$40800
Depreciable asset cost = $40,800 (after 5years)
To determine the depreciation amount recorded during the first year ending 31st December;
Since the van was purchased July 1 of that year, by December 31 of the same year, the van must have been used only for 6months i.e (0.5year)
Depreciation expense = year of usage/total useful life × depreciable cost of asset
Depreciation expense = 0.5/5×$40,800
Depreciation expense = $20,400/5
Depreciation expense = $4080
