On October 1, 2022, Ivanhoe Company places a new asset into service. The cost of the asset is $87500 with an estimated 5-year life and $24500 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation? $4375. $8750. $17500. $3150.
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Ответ:
$3150
Explanation:
Given:
Cost of the asset purchased = $87500 (on 1st October. 2022)
Salvage value at the end of its useful life = $24500
Useful life estimated = 5 years
Question asked:
What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation?
Solution:
As we know:
Depreciation expenses per year = $12600
But we have to find depreciation expenses for 2022 for:-
From 1st October, 2022 to 31st December, 2022 = 3 months.
Straight-Line Depreciation Expense for Partial Year =
Depreciation Expense for 3 months =
Therefore, the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation is $3150.
Ответ:
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