Practical Business Math Procedures
12th Edition
ISBN: 9781259540554
Author: Jeffrey Slater, Sharon Wittry
Publisher: McGraw-Hill Education
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Question
Chapter 17, Problem 1ECP
To determine
The depreciation schedule by using the straight-line method and the given data.
Expert Solution & Answer
Answer to Problem 1ECP
The depreciation expense taken each year is $3,300_.
The Accumulated depreciation at the end of the year is $3,300_.
The Book value at end of the year is $29,600_.
Explanation of Solution
The data are as given below:
Given that the cost of Honda Accord hybrid is $32,900, residual value is $6,500, and estimated life is 8years.
It is known that the straight-line method of depreciation is used more than any other method because it tries to distribute the same amount of expense to each period.
The formula for calculating the depreciation with the straight-line method is as follows:
Depreciation expense each years= Cost−Residual valueEstimated useful life in years
Substitute, $32,900 for cost, $6,500 for residual value, and 8years for estimated life.
Depreciation expense each yeas= 32,900−6,5008=26,4008=3,300
Hence, the depreciation expense taken each year is $3,300_.
Depreciation cost of equipment will be same for every year, depreciation expense is same each year, accumulated depreciation increased by $3,300 each year.
Book value is lowered by $3,300 i.e. 32,900−3,300=29,600 unit residual value of $6,500 is reached.
The following Table 1 shows the depreciation schedule by using the straight-line method, which is follows:
| End of the year | Cost of Accord | Depreciation expense of the year | Accumulated depreciation at the end of the year | Book value at end of the year |
| 1 | $32,900 | $3,300 | $3,300 | (32,900−3,300)=29,600 |
Table 1
Hence, the Accumulated depreciation at the end of the year is $3,300_.
Hence, the Book value at end of the year is $29,600_.
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Chapter 17 Solutions
Practical Business Math Procedures
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