On January 1, 2024, the Allegheny Corporation purchased equipment for $200,000. The estimated servi equipment is 10 years and the estimated residual value is $13,000. The equipment is expected to produc during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. 1. Straight-line. Formula Amounts 2024 2025 Choose Numerator: Annual Depreciation Straight-Line Depreciation 1 Choose Denominator: Annual Depreciation Annual Depreciation

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.