Please help solve at a čóst of $395000. The equipment was estimated to have a salvage value ofWhat should be the charge for depreciation of this equipment for the year ended December 31, 2021?

Solution:-Option “C” is the correct answer Explanation:- Year Depreciation base Remaining…

Answered: at a čóst of $395000. The equipment was…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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at a čóst of $395000. The equipment was estimated to have a salvage value of
What should be the charge for depreciation of this equipment for the year ended December 31, 2021?

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Step 1

Solution:-Option “C” is the correct answer

Explanation:-

Year	Depreciation base	Remaining life of machine	Depreciation fraction	Depreciation expenses
1	$387,000	8	8/36	$86,000
2	$387,000	7	7/36	$75,250
3	$387,000	6	6/36	$64,500
4	$387,000	5	5/36	$53,750
5	$387,000	4	4/36	$43,000
6	$387,000	3	3/36	$32,250
7	$387,000	2	2/36	$21,250
8	$387,000	1	1/36	$10,750

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