The following is information from the September 1, 2011 purchase of equipment. W

Question

The following is information from the September 1, 2011 purchase of equipment. What is the amount of straight line depreciation that will be reported on December 31, 2011? Round to the nearest whole dollar Circle the correct multiple choice answer. If it was determined that the equipment from (10) above actually has a useful life of 5 years instead of 4 years, what would be the annual depreciation expense amount for each of the remaining two years? (Assume three full years of depreciation have already been recorded ) Circle the correct multiple choice answer.

Explanation / Answer

Answer 10

Depreciation =485200/4 =121300

Answer 11

(485200-121300)/2 years =60650

Equipment cost 500000 Installation cost 5200 Less Salvage Value 20000 485200

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