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marishachu [46]
3 years ago
9

accounting A John Deere tractor acquired on January 4 at a cost of $120,000 has an estimated useful life of 25 years. Assume tha

t it will have no residual value. a. Determine the depreciation for each of the first two years by the straight-line method.
Business
1 answer:
Sedbober [7]3 years ago
7 0

Answer:

$4,800 each

Explanation:

The computation of the depreciation expense for the first two year under the straight-line method is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($120,000 - $0) ÷ (25 years)

= ($120,000) ÷ (25 years)  

= $4,800

In this method, the depreciation is same for all the remaining useful life

Hence, the depreciation of $4,800 is to be charged separately for each year

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