CHEGG On November 1, 2021, Ivanhoe Company places a new asset into service. The cost of the asset is $70000 with an estimated 10

Question

3 years ago

14

CHEGG On November 1, 2021, Ivanhoe Company places a new asset into service. The cost of the asset is $70000 with an estimated 10

-year life and $10000 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation

Business

1 answer:

e-lub [12.9K] · Answer 1 · 2022-12-12T09:52:13+03:00

e-lub [12.9K]3 years ago

7 0

Answer:

The answer is "6,000".

Explanation:

Depreciation per year:

$=\frac{(70000 - 10000)}{10}\\\\=\frac{60000}{10}\\\\ = 6,000$