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xz_007 [3.2K]
3 years ago
9

A plant asset acquired on October 1, 2018, at a cost of $400,000 has an estimated useful life of 10 years. The salvage value is

estimated to be $40,000 at the end of the asset's useful life. Collapse question part (a) Determine the depreciation expense for the first two years using the Straight-line method. Year 1Year 2 Straight-line method
Business
1 answer:
melamori03 [73]3 years ago
3 0

Answer:

The depreciation expense for the first two years is $72,000.

Explanation:

Under straight-line method, depreciation expense is (Cost - Residual value) / No of years = ($400,000 - $40,000) / 10 years = $36,000 yearly depreciation expense.

Using this method, the depreciation expense for the first two years is $36,000 x 2 years = $72,000. This amount is regarded as the accumulated depreciation at the end of Year 2 while the net book value would be $400,000 - $72,000 = $328,000.

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