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raketka [301]
3 years ago
14

Scrimshander, Inc. is a shipping company, transporting goods using cargo ships. On January 1, 2017, the company purchases and pu

ts into service a cargo ship costing $10,000,000. The expected useful life of the ship is 25 years, and the salvage value is $1,000,000. Enter your answers below in whole dollar amounts without a $ sign. Calculate the annual depreciation expense that Scrimshander must recognize on the cargo ship over the next 25 years. Calculate the net book value of the cargo ship as of December 31, 2019. Calculate the net book value of the cargo ship as of December 31, 2041. Assume that Scrimshander continues using this cargo ship throughout 2042. How much depreciation expense should Scrimshander recognize for that year
Business
1 answer:
Alex17521 [72]3 years ago
7 0

Answer:

Scrimshander, Inc.

a) Annual depreciation expense = $360,000

b) Net book value of the cargo ship as of December 31, 2019 =  $9,280,000

c) Net book value of the cargo ship as of December 31, 2041 = $1,360,000

d) Depreciation expense for 2042 = $360,000

Explanation:

a) Data and Calculations:

Purchase price of a cargo ship = $10,000,000

Expected useful life of the ship = 25 years

Salvage value = $1,000,000

Depreciable amount = $9,000,000 ($10,000,000 - $1,000,000)

Annual depreciation expense = $360,000 ($9,000,000/25)

Net book value as of December 31, 2019 = $9,280,000 ($10,000,000 - $720,000)

Accumulated depreciation = $720,000 ($360,000 * 2)

Net book value as of December 31, 2041 = $1,360,000 ($10,000,000 - 8,640,000)

Accumulated depreciation = $8,640,000 ($360,000 * 24)

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