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svp [43]
3 years ago
9

El Tapitio purchased restaurant furniture on September 1, 2021, for $35,000. Residual value at the end of an estimated 10-year s

ervice life is expected to be $5,000. Calculate depreciation expense for 2021 and 2022, using the straight-line method, and assuming a December 31 year-end. (Do not round intermediate calculations.)
Business
1 answer:
Romashka-Z-Leto [24]3 years ago
3 0

Answer and Explanation:

The computation of the depreciation expense using straight line method is shown below:

Formula to be used:

= (Purchase cost - salvage value) ÷ (estimated service life)

For 2021

= ($35,000 - $5,000) ÷ (10 years)

= $3,000

For 4 months, it would be

= $3,000 × 4 months ÷ 12 months

= $1,000

And, for the year 2021, it would be the same i.e. $3,000

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