FREE Trial

Equipment with an estimated life of 10 years and no expected residual value was purchased on account

Question:

Equipment with an estimated life of 10 years and no expected residual value was purchased on account for $60,000 on March 6, 2020. Assuming a year-end of December 31, calculate depreciation for 2020 and 2021 using the straight-line method:

a. To the nearest whole month

b. Using the half-year convention

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 57% (21 reviews)

2020 2021 a 5000 6000 ...View the full answer


answer-question
Answered By
tutor-profile-image
AJIN kuriakose
I have completed B.Tech in Electrical Engineering & Masters in Power & Control From one of the best universities in India. I got the 99.05 percentile in the Gate Electrical Engineering Exam. I can Help students solving assignments in Electrical subjects like Power Electronics, Control system, Analog, Network Theory & Engineering Mathematics. Clear your fundamentals and develop problem-solving skills and analytical skills to crack the exam. Get guidance and the opportunity to learn from experienced... I can provide tuition for Electrical engineering subjects (Power Electronics, Digital electronics, Network Theory, Control System & Engineering Mathematics). The toughest subject of Electrical engineering can be made simple in online classes... I can also solve it. 1 .I can help you with your assignments or exams or quiz or tutoring. 2. Very strict to the deadlines. Message me for any help in assignments, live sessions. I am here to help students for all assignments, tests and exams and I will make sure you always get _95% In your subject. Contact me in solution inn for any help in your semester, projects and for many more things . Also feel free to contact me through solution inn and for any advise related to tutoring and how it works here.thank you.
5.00+ 5+ Reviews 10+ Question Solved
Related Book For  answer-question
Fundamental Accounting Principles Volume I

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

See More Books
Question Posted:
See More Questions

Related Video

In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery, etc. The land is the only exception that cannot be depreciated as the value of land appreciates with time. Depreciation allows a portion of the cost of a fixed asset to be the revenue generated by the fixed asset. This is mandatory under the matching principle as revenues are recorded with their associated expenses in the accounting period when the asset is in use. This helps in getting a complete picture of the revenue

Students also viewed these Business questions

Calculus With Analytic Geometry 1st Edition - ISBN: 1483262405 - Free Book