Answer:
Normally there would be a salvage value involved here but if not is provided, I’m guessing they just want the most basic understood method....
$179,000.00 * 3% = $5,370.00
$179,000.00 - $5370.00 = $173,630.00
$173,630.00 * 3% = $5208.90
$173,630.00 - $5208.9 = $168,421.10
$168,421.10 * 3% = $5052.633
$168,421.10 - $5052.63 = $163,368.46
$163,368.46 * 3% = $4901.05
$163,368.46 - $4901.05 = $158,463.40
I Only did the first four you must do the rest. (THIS IS LONG HAND! SEE BOTTOM FOR FORMULA)
The equation is either, current value, minus (Current value X percentage of depreciation value) = depreciation value, or Current value - ((starting value - accumulated depreciation) X depreciation rate ) I hope that is close to what you’re looking for. The only other method I know of requires you to reference a dang chart.
I’m sorry I took so long too fully come up with it, my brain math is a little rusty.
