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IrinaK [193]
3 years ago
14

Kansas Enterprises purchased equipment for $72,500 on January 1, 2021. The equipment is expected to have a five-year service lif

e, with a residual value of $7,950 at the end of five years. Using the straight-line method, the book value at December 31, 2021, would be:
Business
1 answer:
cupoosta [38]3 years ago
8 0

Answer:

Depreciation expense $12,910

Book value $46,680

Explanation:

Kansas Enterprises

Formula for Depreciation expenses

Annual depreciation expense=(Cost-Residual value)/Useful Life

Where,

Cost = 72,500

Residual value =7,950

Useful life = 5 years

Let plug in the formula

=(72,500-7950)/5

=64,550/5

=$12,910/year

Therefore depreciation expense for 2021

=$12,910

Calulation for Book value

Book value = $72,500 – ($12,910× 2)

$72,500 -$25,820

=$46,680

Therefore the book value would be $46,680

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