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san4es73 [151]
3 years ago
7

Gourmet Shop purchased cash registers on April 1 for $18,000. If this asset has an estimated useful life of five years, what is

the book value of the cash registers on May 31?
Business
1 answer:
algol133 years ago
7 0

Answer:

$17,400

Explanation:

Given that,

Purchased cash registers on April 1 = $18,000

Estimated useful life of asset = 5 years

Using straight line depreciation method,

Depreciation:

= (Original cost - Salvage cost) ÷ Estimated useful life

= ($18,000 - $0) ÷ 5

= $3,600 per year

Two months depreciation:

= Depreciation per year × (2 ÷ 12)

= $3,600 × (1 ÷ 6)

= $600

Book value of the cash registers on May 31:

= Original cost - Two months depreciation

= $18,000 - $600

= $17,400

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