Ask Question
BusinessBusiness
14 February, 15:31

on January 1, 2017, anodel, Inc. acquired a machine for 1,010,000. the estimated useful life of the asset is five years. residual value at the end of fiev years is estimated to be 62000. calculate the depreciation expensive per year using the straight line method

+4
Answers (1)
  1. 14 February, 16:48
    0
    Annual depreciation = $189,600

    Explanation:

    Giving the following information:

    On January 1, 2017, anodel, Inc. acquired a machine for 1,010,000. the estimated useful life of the asset is five years. residual value at the end of five years is estimated to be 62000.

    Annual depreciation = (original cost - salvage value) / estimated life (years)

    Annual depreciation = (1,010,000 - 62,000) / 5 = $189,600
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “on January 1, 2017, anodel, Inc. acquired a machine for 1,010,000. the estimated useful life of the asset is five years. residual value at ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following is considered in individually owned apartment? A Duplex B house C condominium D recreation property
Answers (1)
Knowledge Check 01 Cosmo Company reported credit sales of $345,000 for the calendar year in its first year of operations. At December 31, customers buying on credit owed $35,000 to the company.
Answers (1)
Buddy and Pablo are worthy competitors in the bakery business in Baltimore. Buddy recently negotiated a contract with a supplier for really cheap chocolate. He knows that bakery customers want cheap products.
Answers (1)
When computing economic growth, changes in nominal gross domestic product (GDP) must be adjusted to reflect changes in the price level because:
Answers (1)
The Single European Act was put in place in an attempt to Multiple Choice convince Great Britain to remain in the EU. determine the viability of a common currency. expand the role of the EU into northern Africa.
Answers (1)
New Questions in Business
Which of the following is a factor to be considered in determining a limited-life intangible asset's useful life? (a) Any legal provisions that may limit the useful life. (b) The expected useful life of any related asset.
Answers (1)
If you see a large group of stranded passengers standing next to a disabled bus, and you have only three seats in your car, deciding who to rescue deals with the issue of:a) efficiencyb) equityc) scarcityd) macroeconomics
Answers (1)
Nonprofit organizations differ from profit organizations in that nonprofit organizations: Group of answer choices target the niches that may be most profitable.
Answers (1)
1. The closing entry for the Loss on Plant Assets account includes a debit to (A) Retained Earnings. (B) Income Summary. (C) Loss on Plant Assets. (D) Gain on Plant Assets.
Answers (1)
An employee earns $2,000.00 per month in gross pay, but pays $104.36 for health insurance, 9% in federal taxes, for state taxes, and 2% for local taxes. What is the employee's net pay?
Answers (1)
Home » Business » on January 1, 2017, anodel, Inc. acquired a machine for 1,010,000. the estimated useful life of the asset is five years. residual value at the end of fiev years is estimated to be 62000.
Sign Up Forgot Password?