sole proprietorships, partnerships, and corporations.
Answer:
Depreciation expense for Year 6 is 20000
Accumulated depreciation at the end of year 6 is 120000
Book value at the end of year 6 is 205000
Explanation:
The straight line method of depreciation charges a constant depreciation expense per year through out the useful life of the asset. The formula for straight line depreciation per year is,
Depreciation expense per year = (Cost - Salvage Value) / Estimated useful life
So, the depreciation expense per year on this asset under straight line method is,
Depreciation expense per year = (325000 - 25000) / 15
Depreciation expense per year = $20000
- So, the depreciation expense for year 6 is $20000
The accumulated depreciation is calculated by adding the depreciation expenses for each year till date. The accumulated depreciation at the end of Year 6 is,
- Accumulated depreciation = 20000 * 6 = $120000
The book value is calculated by deducting the accumulated depreciation from the cost of the asset. The book value at the end of year 6 is,
- Book value = 325000 - 120000 = $205000
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