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Advocard [28]
3 years ago
7

When originally purchased, a vehicle costing $25,740 had an estimated useful life of 8 years and an estimated salvage value of $

3,100. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals:
a. $5,828.00
b. $11,320.00
c. $5,660.00
d. $2.99800
Business
1 answer:
Rudiy273 years ago
4 0

Answer:

Annual depreciation= $5,660

Explanation:

Giving the following information:

Purchase price= $25,740

Salvage value= $3,100

<u>First, we need to calculate the accumulated depreciation before the change in useful life:</u>

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

Annual depreciation= (25,740 - 3,100) / 8

Annual depreciation= $2,830

Accumulated depreciation= 2,830*4= $11,320

<u>Now, we can calculate the new depreciation expense:</u>

<u></u>

Annual depreciation= (25,740 - 11,320 - 3,100) / 2

Annual depreciation= $5,660

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b. Journal Entries:

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1. May 15, Assets: Cash         $7,000

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1. May 15   Common stock     $7,000

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Date          Account Titles        Debit        Credit

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