CALCULATOR HESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSTON BACK NEXT Brief Exe

Question

CALCULATOR HESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSTON BACK NEXT Brief Exercise 9-4 Your answer is incorrect. Try again. Gordon Chemicals Company acquires a delivery truck at a cost of $30,200 on January 1, 2017. The truck is expected to have a salvage value of $2,800 at the end of ch its S-year useful life. Compute annual depreciation for the first and second years using the straight-ine method Round answers to O decimal places, e.g. 125,) First Year Second Year Annual depreciation under straight-line method 24720 9240 INTERACTIVE TUTORIAL 30% Osm By accessing this Question Assistance, you will iearn whille you earn points based on the Point Potential Policy set by your instructor Question Attempts: 1 of 3 used SAVE POR LATER Y s

Explanation / Answer

Straight line depreciation=

cost of truck- salvage value/useful life

=$30,200-$2,800/5

=$5,480

Therefore depreciation for year one and year two is $5,480 and this will remain same as depreciation is calculated by straight line method.

  

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