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erik [133]
3 years ago
12

The asset's book value is $70,000 on July 1, Year 3. On that date, management determines that the asset's salvage value should b

e $5,000 rather than the original estimate of $10,000. Based on this information, the amount of depreciation expense the company should recognize during the last six months of Year 3 would be:
a. $8,125.00
b. $7,375.00
c. $4,062.50
d. $3,750.00
e. $7,812.50

Business
1 answer:
Luden [163]3 years ago
8 0

Answer:

Option (c) is correct.

Explanation:

Given that,

Asset's book value as on July 1, Year 3 = $70,000

Asset's salvage value = $5,000

Original estimate = $10,000

Depreciation for remaining year 3 (6 months) :

= [( Book value - Salvage value) ÷ (useful life - years passed)] × (6÷12)

= [($70,000 - $5,000) ÷ (10 - 2)] × (6÷12)

= ($65,000 ÷ 8) × (6 ÷ 12)

= $8,125 × 0.5

= $4062.5

Workings:

Years passed: as 2 years already passed.

One table is missing from this question, so I attached that table with the answer.

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