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3 years ago

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Machinery was purchased for $460000 on January 1, 2022. Freight charges amounted to $15000 and there was a cost of $34000 for bu

ilding a foundation and installing the machinery. It is estimated that the machinery will have a $65000 salvage value at the end of its 10-year useful life. What is the amount of accumulated depreciation at December 31, 2023 if the straight-line method of depreciation is used?

1 answer:

Andrews [41]3 years ago

6 0

Answer:

The amount of accumulated depreciation at December 31, 2023 = $88,800.

Explanation:

<u>Determining the actual acquisition cost.</u>

The actual acquisition cost = Purchase value + freight charges + Installation costs.

The actual acquisition cost = 460,000 + 15,000 + 34,000.

The actual acquisition cost = $509,000.

<u>Determining the depreciable cost.</u>

The depreciable cost = acquisition cost - Salvage value.

The depreciable cost = 509,000 - 65000.

The depreciable cost = $444,000.

<u>Determining annual depreciation expense.</u>

Annual depreciation expense = depreciable cost / number of years.

Annual depreciation expense = 444,000 / 10.

Annual depreciation expense = 44,400.

<u>Determining the accumulated depreciation .</u>

The accumulated depreciation = annual depreciation expense × number of years.

The accumulated depreciation = 44,400 × 2.

The amount of accumulated depreciation at December 31, 2023 = $88,800.

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