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Vlada [557]
2 years ago
6

Grouper Company purchased a new machine on October 1, 2020, at a cost of $114,800. The company estimated that the machine will h

ave a salvage value of $14,800. The machine is expected to be used for 10,000 working hours during its 4-year life.
Compute the depreciation expense under straight-line method for 2020
Business
1 answer:
Colt1911 [192]2 years ago
3 0

Answer:

$6,250

Explanation:

Cost of machine = $114,800

Salvage value = $14,800

Life of machine = 4 years

Depreciable cost = Cost - Salvage value

                             = $114,800 - $14,800

                             = $100,000

Date of purchase = October 1, 2020

Assets used for period in 2020 = 3 months

Annual depreciation:

= Depreciable cost ÷ life of assets

= $100,000 ÷ 4

= $25,000

Depreciation expense for 2020:

= Annual depreciation × (3 ÷ 12)

= 25,000 × (3 ÷ 12)

= $6,250

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