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Papessa [141]
3 years ago
9

Archie Co. purchased a framing machine for $60,000 on January 1, 2021. The machine is expected to have a four-year life, with a

residual value of $5,000 at the end of four years. Using the sum-of-the years'-digits method, depreciation for 2022 and book value at December 31, 2022, would be: (Do not round intermediate calculations.)
Business
1 answer:
horrorfan [7]3 years ago
3 0

Answer:

$16,500

Explanation:

Depreciation is a method used in expensing the cost of an asset.

sum-of-the years'-digits method = (useful life remaining / sum of years) x (cost of asset - residual value)

sum of the years  = 1 + 2 + 3 + 4 = 10

(3 / 10) x ($60,000 - $5,000) = $16,500

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6 0
2 years ago
The following information is available from the current period financial statements:
Galina-37 [17]

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$166,000

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