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Lubov Fominskaja [6]
2 years ago
8

On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life

and $20,000 salvage value at the end of its useful life. What is the depreciation expense for 2014 if Mann Company uses the straight-line method of depreciation?a. $3,000.b. $16,000.c. $4,000.d. $8,000.
Business
1 answer:
Lelu [443]2 years ago
3 0

Answer:

The correct answer is A.

Explanation:

Giving the following information:

On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life and $20,000 salvage value at the end of its useful life.

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= 60,000/5=12,000

3 months depreciation= 12,000/12*3= 3,000

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