equipment was acquired at the beginning of the year at a cost of $465,000. the e

Question

equipment was acquired at the beginning of the year at a cost of $465,000. the equipment was depreciated using the straight line method based on an estimated useful life of 15 years and an estimated residual value of $45,000 equipment was acquired at the beginning of the year at a cost of $465,000. the equipment was depreciated using the straight line method based on an estimated useful life of 15 years and an estimated residual value of $45,000 equipment was acquired at the beginning of the year at a cost of $465,000. the equipment was depreciated using the straight line method based on an estimated useful life of 15 years and an estimated residual value of $45,000

Explanation / Answer

Depreciation using straight line method = (Cost - residual value) / Useful life

Depreciation = ($465000 - $45000) / 15 years = $28000 per year

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