A company purchased equipment for $12,000 with an estimated useful life of 5 years and no salvage value. Using the straight-line depreciation method, what is the accumulated depreciation after 3 years?
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- Which of the following is not true about the MACRS depreciation system: A salvage value must be determined before depreciation percentages are applied to depreciable real estate. Residential rental buildings are depreciated over 27.5 years straight-line. Commercial real estate buildings are depreciated over 39 years straight-line. No matter when during the month depreciable real estate is purchased, it is considered to have been placed in service at mid-month for MACRS depreciation purposes.What is the amount of depreciation?solve step by step : A company purchased equipment for $50,000. It expects the equipment to have a useful life of 5 years and no salvage value. Using the straight-line method of depreciation, what is the annual depreciation expense?
- Equipment costing $78000 with a salvage value of $18000 and an estimated life of 8 years has been depreciated using the straight-line method for 2 years. Assuming a revised estimated total life of 5 years and no change in the salvage value, what would be the depreciation expense for year 3?Equipment with a cost of $477400 has an estimated salvage value of $55000 and an estimated life of 4 years or 8800 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used for 2200 hours?A piece of equipment costing $40,000 has a useful life of 5 years and no salvage value. Using the double-declining balance method, what is the depreciation expense for the first year?
- A company purchased equipment for $12,000 with an estimated useful life of 5 years and no salvage value. Using the straight-line depreciation method, what is the accumulated depreciation after 3 years?A company purchased a piece of equipment for $50,000 with an estimated useful life of 10 years and no salvage value. Calculate the annual depreciation expense using the straight-line depreciation method.Equipment with a cost of $450,000 has an estimated salvage value of $30,000 and an estimated lifeof 4 years or 10,000 hours. It is to be depreciated by the declining balance method (double). What is theamount of depreciation for the first full year, during which the equipment was used 2,700 hours?
- GadubhaiEquipment costing $71000 with a salvage value of $13000 and an estimated life of 8 years has been depreciated using the straight-line method for 2 years. Assuming a revised estimated total life of 5 years and no change in the salvage value, the depreciation expense for year 3 would be?Three years ago a machine was purchased for $5,000. Assuming a ten-year life and straight-line depreciation with a no salvage value, which of the following will appear on the income statement and balance sheet respectively after four years? a. depreciation expense of $2,000, accumulated depreciation of $2,000. b. depreciation expense of $500, accumulated depreciation of $2,000. c. accumulated depreciation of $2,000, depreciation expense of $500. d. accumulated depreciation of $500, depreciation expense of $2,000. e. depreciation expense of $1,500, accumulated depreciation of $500.