Answer:
$3250
Explanation:
Given that
Purchase price = 42000
Salvage value = 3000
Useful life = 3 years
Recall that using straight line method
Depreciation value per year = (purchase price - salvage value) ÷ useful life
Thus,
= 42000 - 3000 ÷ 3
= 39000 ÷ 3
= $13000.
By December 31, 2019, only 3 month of usage has gone
Thus, value of depreciation by Dec 31
= 3/12 × 13000
= 0.25 × 13000
= $3250
Depreciation value recorded by year end is $3250
Answer:
Depreciation Expense for the year 1 is $40,000.
Explanation:
The depreciation expense can be calculated using the double declining balance formula which is as under:
Double declining depreciation expense = Cost / Useful life * 2
By putting the values, we have:
Double declining depreciation expense = $100,000 / 5 years * 2
Double declining depreciation expense = $40,000
The depreciation expense for the first year is $40,000.
Answer:
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Answer:
<em><u>Crop rotation gives various benefits to the soil. ... Crop rotation is one component of polyculture. Shifting cultivation is an agricultural system in which plots of land are cultivated temporarily, then abandoned and allowed to revert to their natural vegetation while the cultivator moves on to another </u></em><em><u>plot</u></em>
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Answer:
Monthly Payment is $1602.37
Effective interest rate is 5.33%
Explanation:
a.
The monthly payment made includes the interest and principal payment as well.
Monthly payment can be calculated using following formula
Monthly Payment = [Present value of loan x r] / [{1 - (1 + r)-n}]
Monthly Payment = [$84,500 x (0.052/12)] / [1 - (1 + 0.052/12)-60]
Monthly Payment = [$366.17 / 0.2285]
Monthly Payment = $1,602.37
b.
The Effective interest rate is the actual interest rate that are being charged on loan after incorporating the compounding effect.
Use following formula to calculate the effective Annual rate
EAR = [1 + (i/n)]^n - 1
EAR = [ 1 + (5.2% / 12]^12 - 1
EAR = [1.0043]^12 - 1
EAR = 1.0533 - 1
EAR = 0.0533
EAR = 5.33%