Bonita Industries purchased a machine on July 1, 2018, for $1470000. The machine was estimated to have a useful life of 10 years with an estimated salvage value of $86000. During 2021, it became apparent that the machine would become uneconomical after December 31, 2025, and that the machine would have no scrap value. Accumulated depreciation on this machine as of December 31, 2020, was $354000. What should be the charge for depreciation in 2021 under generally accepted accounting principles

Question

03-05-2021
Business

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Bonita Industries purchased a machine on July 1, 2018, for $1470000. The machine was estimated to have a useful life of 10 years with an estimated salvage value of $86000. During 2021, it became apparent that the machine would become uneconomical after December 31, 2025, and that the machine would have no scrap value. Accumulated depreciation on this machine as of December 31, 2020, was $354000. What should be the charge for depreciation in 2021 under generally accepted accounting principles

Sagot :

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ewomazinoade ewomazinoade · Answer 1 · 2021-05-04T20:53:38-04:00

Answer:

$223,200

Explanation:

to determine the depreciation charge, calculate the book value of the asset. use this revised book value to calculate the depreciation using the revised estimates

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

Book value = cost of the asset - accumulated depreciation

$1,470,000 - $354,000 = $1,116,000

salvage value - 0

useful life = 5

Straight line depreciation expense = $1,116,000 / 5 = $223,200

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