Harris Co. takes a full year's depreciation expense in the year of an asset's acquisition and no depreciation expense in the year of disposition. Data relating to one of Harris's depreciable assets at December 31, 2021 are as follows: Acquisition year 2019 Cost $280,000 Residual value 40,000 Accumulated depreciation 192,000 Estimated useful life 5 years Using the same depreciation method as used in 2019, 2020, and 2021, how much depreciation expense should Harris record in 2022 for this asset? (You need to use the info given to determine which depreciation method is used and then calculate depreciation for 2022.)
Harris Co. takes a full year's depreciation expense in the year of an asset's acquisition and no depreciation expense in the year of disposition. Data relating to one of Harris's depreciable assets at December 31, 2021 are as follows: Acquisition year 2019 Cost $280,000 Residual value 40,000 Accumulated depreciation 192,000 Estimated useful life 5 years Using the same depreciation method as used in 2019, 2020, and 2021, how much depreciation expense should Harris record in 2022 for this asset? (You need to use the info given to determine which depreciation method is used and then calculate depreciation for 2022.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Harris Co. takes a full year's depreciation expense in the year of an asset's acquisition and no depreciation expense in the year of disposition. Data relating to one of Harris's
depreciable assets at December 31, 2021 are as follows:
Acquisition year 2019
Cost $280,000
Residual value 40,000
Estimated useful life 5 years
Using the same depreciation method as used in 2019, 2020, and 2021, how much depreciation expense should Harris record in 2022 for this asset? (You need to use the info given to determine which depreciation method is used and then calculate depreciation for 2022.)
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