at the beginning of year 1, kuhn corp. purchases equipment for $22,000. the equipment has a residual value of $2,000 and an expected useful life of 5 years. what is straight-line depreciation expense for year 3?

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01-12-2022
Business

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at the beginning of year 1, kuhn corp. purchases equipment for $22,000. the equipment has a residual value of $2,000 and an expected useful life of 5 years. what is straight-line depreciation expense for year 3?

Sagot :

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Tutorconsortium262 Tutorconsortium262 · Answer 1 · 2022-12-07T09:09:24-05:00

Annual depreciation at the end of year 3 is $4,000

What is annual depreciation?

The standard annual rate at which a fixed asset is depreciated is known as annual depreciation. If the straight-line approach is taken, this rate is constant from year to year. If an accelerated technique is utilized, annual depreciation will peak in the early years and then start to fall off in the later years. Divided by the asset's useful life, annual depreciation is equal to the asset's cost less salvage value. The depreciation rate is the total amount depreciated each year, expressed as a percentage.

Annual depreciation

= (the cost of assets - salvage value)/ Estimated useful life

Cost - 22,000

Residual value = 2,000

Estimated useful life = 5 years

Annual depreciation = (22,000- 2,000)/5 =4,000

Annual depreciation = 4,000

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at the beginning of year 1, kuhn corp. purchases equipment for $22,000. the equipment has a residual value of $2,000 and an expected useful life of 5 years. what is straight-line depreciation expense for year 3?

Sagot :

What is annual depreciation?

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