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user100 [1]
2 years ago
9

The depreciation deduction for year 11 of an asset with a 20-year useful life is $4,000. If the salvage value of the asset was e

stimated to be zero and straight line depreciation was used to calculate the depreciation deduction for year 11, what was the initial cost of the asset?
Business
1 answer:
PtichkaEL [24]2 years ago
7 0

Answer:

The answer is $80,000

Explanation:

The formula for straight-line depreciation is:

[Cost of asset - salvage value(if any)] ÷ useful life of the asset

Depreciation = $4,000

Cost of asset= ? (represented by y)

Useful life of the asset = 20 years

$4,000 = y ÷ 20 years

y is $4,000 x 20 years

y = $80,000

Therefore, the initial cost of the asset was $80,000

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