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Minchanka [31]
3 years ago
13

1. On January 1, 2018, Golden Company purchased a delivery truck for $64,000. The van was estimated to have a 5-year useful life

and its salvage value was estimated at $4,000. Golden Company uses the straight-line depreciation method. What is the amount of depreciation expense for 2019 and the accumulated depreciation at the end of 2019?
Business
2 answers:
avanturin [10]3 years ago
6 0

Answer:

Depreciation expense for 2019 is $12,000

Accumulated depreciation at the end of 2019 is $24,000

Explanation:

Depreciation is the systematic allocation of the cost of an asset to the income statement over the estimated useful life of that asset.

It is determined as the depreciable value of the asset over the estimated useful life of the asset where the depreciable value is the difference between the cost and salvage value of the asset

Mathematically,  

Depreciation = (Cost - Salvage value)/Estimated useful life

The accumulated depreciation is the sum of the depreciation charge accumulated over time.

Depreciation = ($64,000 - $4,000)/5

= $12,000

Between January 1, 2018 and the end of 2019 is 2 years,

Accumulated depreciation = 2 * $12,000

= $24,000

IRISSAK [1]3 years ago
3 0

Answer:

The depreciation expense for 2019 will be $12000.

The accumulated depreciation at the end of 2019 will be $24000.

Explanation:

Under the straight-line depreciation, the depreciation expense per year remains constant through out. The depreciation expense per year can be calculated using the following formula:

Straight-line depreciation expense per year:

(Cost - Salvage value)  /  estimated useful life

Depreciation expense per year =  (64000 - 4000)  /  5  = $12000 per year

The depreciation expense for 2019 will be $12000.

The accumulated depreciation at the end of 2019 will be the depreciation expense for 2018 and the 2019.

The accumulated depreciation at the end of 2019 will be,

12000 + 12000 = $24000

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