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Zarrin [17]
3 years ago
15

Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2021 totaled $565,000. The e

stimated residual value of the equipment was $54,000 and the group depreciation rate was determined to be 16%. What is the annual depreciation for the group
Business
1 answer:
beks73 [17]3 years ago
4 0

Answer:

$90,400

Explanation:

Mondale Winery depreciates it's equipment by making use of the group method.

The cost of equipment that was purchased in 2021 totaled $565,000

The residual value of the equipment was $54,000

The group depreciation rate is 16%

= 16/100

= 0.16

Therefore, the annual depreciation can be calculated as follows

Annual depreciation= Cost of equipment × Group depreciation rate

= $565,000×0.16

= $90,400

Hence the annual depreciation for the group is $90,400

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