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blagie [28]
2 years ago
5

Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $287,000, has an estimated useful life of 8 years and an es

timated residual value of $37,400. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation?
Business
1 answer:
aliina [53]2 years ago
4 0

Answer:

Instructions are below.

Explanation:

Giving the following information:

Purchasing cost= $287,000

Useful life= 8 years

Estimated residual value= $37,400

To calculate the annual depreciation under the straight-line method, we need to use the following formula:

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

Annual depreciation= (287,000 - 37,400) / 8

Annual depreciation= $31,200

<u>Depreciation remains constant during the useful life of the asset.</u>

We can calculate exactly the annual depreciation for the first year.

Year 1= (31,200/365)*360= $30,772.60

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