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Gelneren [198K]
3 years ago
11

A company purchased a delivery van for $23,000 with a salvage value of $3,000 on September 1, Year 1. It has an estimated useful

life of 5 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31, Year 1?
Business
1 answer:
kaheart [24]3 years ago
3 0

Answer:

<em>It will recognize 1,333.33 Depreciaton expense</em>

<em>for December 31th, year 1</em>

Explanation:

The straight-line Method is simply and easy to understand, It distribute the depreciation equally between years. So that implies that the formula should be:

\frac{Adquisition \: Value- \: Salvage \: Value}{useful \: life}= Depreciation \: coplete \: year

(23,000 - 3,000) / 5 = 20,000 / 5 = 4,000

Now we have to calculate the proportion

4,000 x 4/12 time in company's possesion = 1,333.33 depreciation

September + October + Novemember + December = 4 months

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Answer:

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