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nikitadnepr [17]
3 years ago
11

Kansas Enterprises purchased equipment for $78,500 on January 1, 2021. The equipment is expected to have a five-year service lif

e, with a residual value of $6,750 at the end of five years. Using the straight-line method, depreciation expense for 2021 would be: Multiple Choice $14,350. $17,050. $31,400. $15,700.
Business
2 answers:
Ber [7]3 years ago
8 0

Answer:

Using the straight-line method, depreciation expense for 2021 would be:  $14,350

Explanation:

Kansas Enterprises

Cost of equipment  $78,500

Residual value of $6,750

Useful Life = 5 years

Formula

Depreciation Straight Line Method= Cost - Salvage Value/ Useful Life

Working:

Depreciation Straight Line Method=$78,500 -$6,750/5

Depreciation Straight Line Method=71750/5

Depreciation Straight Line Method=$ 14350

Using the straight-line method, depreciation expense for the whole year 2021 would be:  $14,350.

Tju [1.3M]3 years ago
6 0

Answer: $14,350

Explanation:

When using the straight-line method, depreciation expense is uniform across the PPE's useful life.

Sometimes the company would like the PPE to have a residual value at the end of the useful life so we have to cater for this also.

The formula then for calculating Straight Line Depreciation goes thus,

Straight Line Depreciation Expense = Cost of PPE - Residual Value / Useful life.

= 78,500 - 6,750 / 5 years

= $14,350

$14,350 will be charged as Depreciation till the end of the 5th year at which point the Equipment will be worth $6,750.

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