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faltersainse [42]
3 years ago
11

On July 1, 2019, Bronson Co. purchased some equipment that initially cost $52,800. Additional costs included freight costs $300,

non-refundable taxes $6,400, and installation $500. Estimated residual value is $2,000. The company uses a straight-line rate of 10%. Bronson’s fiscal year end is June 30. Depreciation expense for the 2020 fiscal year end is
Business
1 answer:
Lostsunrise [7]3 years ago
8 0

Answer:

Depreciation Expense = $5800

Explanation:

As per the data given in the question,

Initial cost = $52,800

Freight cost = $300

Non-refundable tax = $6,400

Installation = $500

Estimated residual value = $2,000

Rate = 10%

So total cost of assets = $52,800 + $300 + $6,400 + $500

= $60,000

As per the following formula,

The straight line depreciation expense = (Cost- Residual value) × Straight line depreciation rate

=($60,000 - $2,000) × 10%

=$58,000 × 10%

=$5,800

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